Skip to main content

Full text of "History of the Raleigh & Augusta Air-Line R.R. Co. : known originally as the Chatham Railroad Company, including all the acts of the General Assemblies of North and South Carolina relating thereto"

See other formats


^ e \eetic © ^. 




<^ 



•J> 



Y. 



HISTORY 



OF THE 



ok 



rf. 



|ja.feij)[(i | j^itp*to ^-"Jwe IpJwwl ^f<r*, 

KNOWN ORIGINALLY AS THE 

CHATHAM RAILKOAD COMPANY, 

INCLUDING ALL THE ACTS OE THE GENERAL ASSEMBLIES OF NORlfl 
AND SOUTH CAROLINA RELATING THERETO. 




: vSBm 



HISTORY 



OF THE 



Raleigh A Augusta Air-Line R. R. Co., 

KNOWN ORIGINALLY AS THE 

CHATHAM RAILROAD COMPANY, 

INCLUDING ALL THE 

ACTS OF THE GENERAL ASSEMBLIES 

OF 

NORTH AND SOUTH CAROLINA 

RELATING THERETO. 



COMPILED BY 



WALTER CLARK, Esq., 

ATTORNEY AT LAW. 



RALEIGH : 

THE RALEIGH NEWS STEAM JOB PRINT. 

1877. 



-fc 



CONTENTS. 



Page. 

Act to incorporate the Chatham Railroad Company, 14th February, 18?5 1 

Act to incorporate the Chatham Railroad Company, 15th February, 1861 16 

Act supplemental to an act passed at the present General Assembly entitled 
" An act to incorporate the Chatham Railroad Company," 23d February, 
1861 20 

Ordinance in addition to and amendment of an act of the General Assembly, 
ratified the 15th day of February, 1861, entitled " An act to incorporate 
the Chatham Railroad Company," and to repeal an act supplemental 
thereto, ratified 23d day of February, 1861, 30th January, 1862 22 

An ordinance supplemental to an ordinance, ratified at the present session of 
this Convention, entitled ' An Ordinance in addition to and amendment 
of an act of the General Assembly, ratified the 15th day of February, 
1861, entitled " An act to incorporate the Chatham Railroad Company 
and to repeal an act supplemental thereto, ratified the 23rd of February, 
1S61," and authorizing certain persons to open books of subscription to 
the capital stock of said company, 10th February, 1862 25 

Act to amend the charter of the Chatham Railroad Company, 5th February, 

1863 '. 27 

Ordinance to amend the charter of the Chatham Railroad Company, 11th March, 

1868 32 

Act to extend the Chatham Railroad, 3d August, 1868,. 34 

Act to amend the charter of the Chatham Railroad Company, 15th August, 1868, 35 

Act to enable the Chatham Railroad Company to extend their road to Colum- 
bia, (South Carolina act), 17th September, 1868 37 

Act to re-enact and confirm certain acts of the General Assembly, authorizing 
the issue of State bonds to and for certain Railroad Companies, 18th De- 
cember, 1868 40 

Act to enable the Chatham Railroad Company to complete its road, 10th April, 

1869 43 

Act to incorporate the Haywood and Cane Creek Railroad Company, 1st April, 

1871, (parts affecting Chatham Railroad given) 46 

Act concerning the Chatham Railroad, amendatory of certain acts and author- 
izing a change of name, 13th December, 1871 48 

Act to amend an act to incorporate the Haywood and (Jane Creek Railroad 
Company (part affecting the Raleigh and Augusta Air-Line Railroad only 
given), 7th February, 1874 51 



(II) 

Page. 

Act explanatory of certain acts and to enable parties holding bonds of the State 
issued for Internal improvements under acts passed prior to the war to 

sell the same, 22d March, 1875 52 

Articles of Agreement with the North Carolina Railroad Company, 25th Novem- 
ber, 1862 53 

Ordinance in relation to the Cape Fear and Deep Eiver Navigation "Works, 15th 

March, 1868. 

Act to regulate mortgages by corporations and sales under the same, 1st March, 

1873 58 

Condensed History of the Raleigh and Augusta Air-Line Railroad Company 60 

Resolutions of r* tockholders authorizing mortgage to secure preferred stock 67 

Resolutions of Directors authorizing same 70 

Deed of Trust 71 



History op the Raleigh and Augusta Railroad J" 81 * 1 * °* th t ? , 

( hatham Railroad 

Company, commencing from the year 1855, the .date of Comi>any - 
incorporation of the original company, styled " The 
Chatham Railroad Company," and continued to the t 

present date — containing those Acts of the General As- 
sembly of North Carolina bearing directly upon the char- 
ter and privileges of the Company, and statements of 
such proceedings on the part of the stockholders, the 
Board of Directors, and other parties, as affect the gen- 
eral interests of the Company. 

The following; Act entitled ^ An act to incorporate the charter of the 

° M Chatham I all: oad 

Chatham Railroad Company, was passed by the Legisla- com< any. 
ture of North Carolina on the 14th day of February, 
1855. 

AN ACT TO INCORPORATE THE CHATHAM RAILROAD COMPANY. = 

■ -t 

Section 1. Be it enacted by the General Assembly of the company to t>a 
State of North Carolina, and it is hereby enacted by the au- 
thority of the same, That for the purpose of effecting a rail- 
road communication between Deep river, at or near the 
Coalfields, in the county of Chatham, and the City of 
Raleigh or some point on the North Carolina Railroad at 
some point west of the city of Raleigh in this State, the 
formation of a corporate company with a capital stock 
of eight hundred thousand dollars is hereby authorized, 
to be called the " Chatham Railroad Company," and when 
formed in compliance with the conditions herein pre- 
scribed, to have a corporate existence as a body politie in 
perpetuity. 

■ Sec 2. Be it further enacted, That said company be and Location, 
the same is hereby authorized to construct a railroad 
from Deep river, at or near the Coalfields, in the county 
of Chatham, through the said county to the city of Ral- 



(2) 

eigh, or to some point on the North Carolina Railroad at 
some point west of the city of Raleigh. 

Commissioners. " Sec; 3. Belt 'further enacted, That for the purpose of 
creating the capital stock of said company the following 
persons be and the same are hereby appointed commis- 
sioners, to-wit i Henry A. London, Isaac Hall, Benjamin 
I. Houze, Robert Faucet, Nathaniel Clegg, Peter Evans, 
Spencer MeClenahari and Brooks Harris, whose duty it 
shall be to direct the opening of books for subscriptions 
of stock either by individuals or corporations, at such 
times and places, and under the direction of such person 
or v persons as they or' a majority of them may deem 
proper. 

Broksto be open. Sec. 4. Be it further enacted. That all persons who may 
hereafter be authorized to open books for the subscription 
of stock by the commissioners herein appointed for that 
purpose, shall open said books at any time after the rati- 
fication of this act, twenty days' previous notice being 
given in some one or more of the public newspapers in 
this State; and that said books, when opened, shall be 
kept : open for the space of thirty days at "least, and as 
long thereafter as the commissioners first above named 
shall direct; that all subscriptions of stock shall be in 
shares of one hundred dollars, the subscriber paying at 
the time of making such subscription five dollars on each 
share thus subscribed to the person or persons authorized 
to re'ceive such subscription, and in case of failure to pay 
said sum all such subscriptions shall be void and of no 
efiect if the commissioners choose so to declare it, or they 
may direct it to be recovered by suit or otherwise. And 
upon closing the books all such sums as shall have been 
thus received of subscribers on the first cash instalment 
shall be paid over to the general commissionei s named 
in the third section of this act by the persons receiving 
them ; and for the failure thereof such person or persons 
shall be personally liable to said general commissioners 



before the organization of said company, and to the com- 
pany itself after its organization,, to be recovered in the 
superior court of. law within .the State, in the county 
where such delinquent resides; or if he resides in any 
other state then in any court in such state having com- 
petent jurisdiction ; that said general commissioners shall 
have power to call on and require all persons empowered 
to receive subscriptions of stock at any time, and from 
time to time, as a majority of them think proper,to-make 
a return of the stock by them respectively received and 
to make payment of all sums of money made by the sub- 
scribers ; that all persons receiving subscriptions of stock 
shall pass a receipt to the subscriber or subscribers -for 
the payment of the first installment, as heretofore required 
to be paid, and upon their settlement with the general 
commissioners as aforesaid it shall be the .duty of the said 
general commissioners in like manner to pass their re- 
ceipt for alj sums thus received to the persons from whom 
received, and such receipt shall be taken and held to be 
good and sufficient vouchers to the persons holdiDg.t|i.em ; 
that subscriptions of stock shall be thus received to an 
amount not exceeding eight hundred thousand dollars. 

£>ec. 5. Me it further enacted f That it shall be the duty of General commis- 
said general commissioners to direct and authorized; the ? ioners - 
keeping of books for the subscriptiqn of stock in the 
manner above described," until the sum of three hundped 
thousand dollars shall. have been subscribed to the capi- 
tal stock of said company, and so soon as the said sum of 
three hundred thousand dollars shall have been sub- 
scribed and the first instalment of five dollars per share 
on said sum shall have been received by th,e. general com- 
missioners, said company shall be regarded as formed, 
and said commissioners, or a majority' them, shali>sign 
and seal a declaration to that effect, with the, names-, 
of all the subscribers appended, and cause the said 
declaration to be deposited in the office of the secretary 
of state, and. thenceforth from the closing q£ the. hooks of 



(4) 



subscription as aforesaid the said subscribers to the stock 
shall form one body politic and corporate in deed and in 
law in said state and for the purposes aforesaid, by the 
name and style of "The Chatham Railroad Company." 



When a body 
corporate. 



Sec. 6. Be it further enacted, That whenever the sum 
of three hundred thousand dollars shall be subscribed 
for in manner and form aforesaid, the subscribers, their 
executors, administrators and assigns shall be, and they 
are hereby declared to be incorporated into a company 
by the name and style of the Chatham Railroad Compa- 
ny, and by that name shall be capable in law and equity 
of purchasing, holding, selling, leasing and conveying 
estates, real, personal and mixed, and acquiring the same 
by gift or devise, so far as shall be necessary for the pur- 
poses embraced within the scope, object and intent of 
their charter, and no further ; and shall have perpetual 
succession, and by their corporate name may sue and be 
sued, plead and be impleaded in any court of equity and 
law in North Carolina, and may have and use a common 
seal, which they may alter and renew at pleasure, and 
shall have and enjoy all other rights and immunities 
which other corporate bodies may and of right do exer- 
cise, and may make all such by-laws, rules and regula- 
tions as are necessary for the government of the corpora- 
tion, or effecting the objects for which it is created, not 
inconsistent with the constitution and laws of the United 
States and of the State of North Carolina. 



Process. Sec. 7. Be it farther enacted, That notice of process upon 

the principal agent of said company, or the president or 
any of the directors thereof, shall be deemed and taken 
to be due and lawful notice of service of process upon 
the company, so as to bring it before any of the courts of 
this state. 



Meeting. Sec. 8. Be it further enacted, That as soon as the sum 

of three hundred thousand dollars shall have been sub- 



(5) 

scribed in manner aforesaid, it shall be the duty of the 
general commissioners appointed under the third section 
of this act to appoint a time for the stockholders to meet 
at Pittsboro, in the county of Chatham and State of 
North Carolina, which they shall cause to be previously 
published for the space of thirty days in one or more 
newspapers published in the State of North Carolina, 
at which time and place the said stockholders, in person 
or by proxy, shall proceed to elect the directors of the 
company, and enact all such regulations and by-laws as 
may be necessary for the government of the corporation 
and the transaction of its business. The persons elected 
directors at this meeting shall serve such period not ex- 
ceeding one year, as the stockholders may direct, and at 
this meeting the stockholders shall fix on the day and 
place or places where the subsequent election of directors 
shall be held, and such election shall henceforth be an- 
nually made ; but if the day of the annual election 
should pass without any election of directors, the corpo- 
ration shall not be thereby dissolved, but it shall be law- 
ful on any other day to hold and make such election in 
such manner as may be prescribed by a by-law of the 
corporation. 

Sec. 9. Be it further enacted, That the affairs of said 
company shall be managed and directed by a general 
board to consist of twelve directors, to be elected by the 
stockholders from among their number, at their first and 
subsequent general annual meeting, as prescribed in sec- 
tion eighth of this act. 

Sec. 10. Be it further enacted, That the election of di- Elections. 
rectors shall be by ballot, each stockholder having as 
many votes as he has shares in the stock of said compa- 
ny, and the person having a majority of all the votes 
polled shall be considered as duly elected. 

Sec. 11. Be it further enacted, That the president of the president. 



(6) 



First meetin: 



company shall be elected by the directors from among 
their number -in such manner as the regulations of the 
company shall prescribe. ' 

Sec. 12. Be it farther enacted, That at the first general 
meeting of stockholders, directed to be called under sec- 
tion eighth of this act, a majority of all the shares sub- 
scribed shall be represented before proceeding to business; 
and if a sufficient number do not appear on the day ap- 
pointed, those who do attend shall have power to adjourn 
from time to time until a regular meeting shall be thus 
formed ; and at said meeting the stockholders may pro- 
vide by a by-law as to the number of stockholders and 
the amount of stock to be held by them, which shall con- 
stitute a quorum for transacting business at all subse- 
quent, regular, or occasional meetings of stockholders and 
directors. 



Votes. 



Sec. 13. Be it farther enacted, That at all elections, and 
upon all votes taken in any general meeting of stoek^ 
holders upon any by-law or any of the affairs of said 
company, each share of stock shall be entitled to one 
vote ; and that any stockholder in said company may 
vote by proxy, and proxies may be verified in such man- 
ner as the stockholders by by-laws may prescribe. 



Returns. 



Sec. 14. Be it farther enacted, That the general com- 
missioners shall make their returns of the' shares of stock 
subscribed for at the first general meeting of the stock- 
holders, and pay over to the director elected' at said 
meeting, or their authorized agents, all sunis of money 
received from subscribers ; and, for failure therefor, shall 
be personally liable to said company to be recovered at 
the suit of said company in any of the superior courts of 
law in the state within the county where such delinquent 
or delinquents may reside, and in like manner from sai'd 



(7) 

delinquent or delinquents, executors or administrators, 
in case of his or her death. 

Sec. 15. Be it further enacted, That the board of direct- vacancies, 
ors may fill up all vacancies which may occur in it during 
the period for which they have been elected, and in the 
absence of the president may fill his place by electing a 
president pro tempore from among their number. 

Sec. 16. -Be it further enacted, That all contracts or contracts. 
agreements authenticated by the president and secretary 
of the board of directors, shall be binding on the compa- 
ny without a seal, or such mode of authentication may 
be used as the company by their by-laws may adopt. 

Sec 17- Be it further enacted, That the company shall Powers, 
have power and may proceed to construct as speedily as 
possible, a railroad with one or more tracks, to be used 
with steam power, which shall extend from Deep river, 
at or near the coalfields, in the county of Chatham, 
through said county of Chatham to the city of Raleigh, 
or at some point on the North Carolina Railroad at some 
point west of the city of Raleigh ; said company may use 
any section of the railroad constructed by them before 
the whole of said road shall be completed. 

Sec 18. Be it further enacted, That the said company Exclusive right. 
shall have the exclusive right of conveyance or transpor- 
tation of persons, goods, merchandise and produce over 
the said railroad to be by them constructed, at such 
charges as may be fixed on by a majority of the directors. 

Sec. 19. Be it further enacted, That the said company May farm rights 
may, when they see fit, farm out their rights of transpor- 
tation over said railroad subject to the rules above men- 
tioned, and said company, and every person who may have 
received from them the right of transportation of goods, 
wares and produce on the said railroad, shall be deemed 



(8) 

and taken to be a common carrier, as respects all goods, 
wares and produce, and merchandise, intrusted to them 
for transportation. 

installments. g EC- 2 (). Be it further enacted, That the board of directors 

may call'for the payment of the sums subscribed, as stock 
in said company, in such instalments as the interest of 
said company may in their opinion require; the call for 
each payment shall be published in one or more news- 
papers in the state for the space of one month before the 
day of payment, and on failure of any stockholders to pay 
each instalment as thus required, the directors may sell 
at public auction, on previous notice often days, for cash, 
all the stock subscribed for in said company by such 
stockholder, and convey the same to the purchaser at said 
sale, and if such sale of stock do not produce a sum suf- 
ficient to pay off the incidental expenses of the sale, and 
the entire amount owing by such stockholder to the com- 
pany for such subscription of stock, then and in that case 
the whole of such balance shall be held and taken as due 
at once to the company and may be recovered of such 
stockholder, his executors, administrators and assigns at 
the suit of said company either by summary motion in 
any court of superior jurisdiction in the county where 
the delinquent resides, on a previous notice of ten da} r s 
to said subscriber, or by the action of assumpsit in any 
court of competent jurisdiction, or by warrant before a 
justice of the peace where the sum due does not exceed 
one hundred dollars, and in all cases of assignment of 
stock before the whole amount has been paid to the com- 
pany, then for all such sums due on such stock, both the 
original subscribers and the first and all subsequent as- 
signees, shall be liable to the company and the same may 
be recovered as above described. 

Sec. 21. Be it further enacted, That the debt of stock- 
holders due the company for stock therein, either as 



(9) 

original proprietor, or as first or subsequent assignee, 
shall be considered as of equal dignity with judgments, 
in the distribution of assets of a deceased stockholder, by 
his legal representatives. 

Sec. 22. Be it further enacted,. That said company shall certificates., 
issue certificates of stock to its members, and said stock 
may be transferred in such manner and form as may be 
directed by the by-laws of the company. 

Sec. 23. Be it further enacted, That the said company May increase 
may at any time increase its capital to a sum sufficient 
to complete said road, not [exceeding] eight hundred 
thousand dollars, either by opening books for new stock, 
or by selling such new stock, or by borrowing money 
upon the credit of the company and the mortgage of its 
charter and works ; and the manner in which the same 
shall be done, in either case, shall be prescribed by the 
stockholders at a general meeting. 

Sec. 24. Be it further enacted, That the board of direct- Reports, 
ors shall, once in every year at least, make a full report 
on the state of the company and its affairs to a general 
meeting of the stockholders, and oftener if directed by a 
by-law, and shall have power to call a general meeting 
of the stockholders when the board may deem it expedi- 
ent, and the company may provide in their bylaws for 
occasional meetings being called, and prescribe the mode 
thereof. 

Sec. 25. Be it further enacted, That the said company R ea i estate. 
may purchase, have and hold in fee, or for a term of 
years, any lands, tenements or hereditaments, which may 
be necessary for the said road or the appurtenances there- 
of, or for the erection of depositories, storehouses, houses 
for the officers, servants or agents of the company, or for 
workshops or foundries to be used for the said company, 

or for procuring stone or other materials necessary to the 

2 



(10) 

construction, of the road or for effecting transportation 
thereon, and for no other purpose whatever. 

May cross roads. Sec. 26. Be it further enacted, That the said company 
shall have the right when necessary to conduct the 
said road across or along any public road or water course : 
Provided, That the said company shall not obstruct any 
public road without constructing another equally as 
good and as convenient as may be, nor without making 
a draw in any bridge of said road which may cross a nav- 
igable stream sufficient for the passage of vessels navi- 
gating said stream, which draw shall be opened by the 
company for the free passage of vessels navigating such 
stream. 

Sight of way. Sec. 27. Be it farther enacted, That when any land or 

right of way may be required by said company, for the 
purpose of constructing their road, and for the want of 
agreement as to the value thereof, or from any other cause, 
the same cannot be purchased from the owner or owners, 
the same may be taken at a valuation to be made by five 
commissioners, or a majority of them, to be appointed by 
any court of record having common law jurisdiction in the 
couuty where some part of the land or right of way is sit- 
uated. In making said valuation the said commissioners 
shall take into consideration the loss or damage which may 
occur to the owner or owners, in consequence ot the land 
being taken or the right of way surrendered, and also the 
benefit and advantage he, she or they may receive from 
the erection or establishment of the railroad or work, and 
shall state particularly the amount of each ; and the excess 
of loss and damage over and above the advantage and ben- 
efit shall form the measure of valuation of the said land or 
right of way. Provided, nevertheless, That if any person or 
persons over whose land the road may pass, should be dis- 
satisfied with the valuation of said commissioners, then and 
in that case the person or persons so dissatisfied may have 
an appeal to the superior court in the county where said 



(11) 

valuation has been made, or in either county in which the 
land lies, when it may lie in more than one county, under 
the same rules, regulations and restrictions as in appeals 
from judgments of justices of the peace. The proceedings 
of the said commissioners, accompanied with a full de- 
scription of the said land or right of way, shall be returned 
under the hands and seals of a majority of the commis- 
sioners to the court from which the commission issued, 
there to remain a matter of record ; and the lands or right 
of way so valued by the commissioners shall vest in the 
said company so long as the same shall be used for the 
purposes of said railroad, so soon as the valuation may be 
paid, or when refused, may have been tendered. Provided, 
That on application for the appointment of commissioners 
under this section it shall be made to appear to the satis- 
faction of the court that at least ten days' previous notice 
has been given by the applicant to the owner or owners of 
the land so proposed to be condemned, or if the owner or 
owners be infants, or non compos mentis, then to the guardi- 
ans of such owners, if such guardian can be found within 
the county, or if he cannot be so found, then such appoint- 
ment shall not be made unless notice of the application 
shall have been published at least one month next preced- 
ing in some newspaper, printed as convenient as may be 
to the court house of the county, and shall have been posted 
at the door of the court house on the first day, at least, of 
the next succeeding term of said court. And provided far- 
ther, That the valuation provided for in this section shall 
be made on oath by the commissioners aforesaid, which 
oath any justice of the peace or clerk of the court of the 
county in which the land or a part of it lies, is hereby au- 
thorized to administer. Provided farther, That the right of 
condemnation herein granted shall not authorize said com- 
pany to invade the dwelling-house, yard, garden or burial 
ground of any individual without his consent. 

Sec. 28. Be it further enacted, That the right of said com- Extent of lands. 
pany to condemn land in the manner described in the 



(12) 

twenty seventh section of this act, shall extend to the con- 
demning of land one hundred feet on each side of the main 
track of the road, measuring from the center of the same, 
unless in case of deep cuts and filliugs, when said company 
shall have power to condemn as much, in addition thereto, 
as may be necessary for the purpose of constructing said 
road ; and the company shall also have power to condemn 
and appropriate lands in like manner for the constructing 
and building of depots, shops, work-houses, buildings for 
the officers, servants, agents and persons employed on the 
road, not exceeding two acres in any one lot or station. 

when no contract. Sec. 29. Be it farther enacted. That in the absence of 
any contract or contracts with said company in relation 
to lands through which the said road or its branches may 
pass, signed by the owner thereof or his agent, or any 
claimant or person in possession thereof which may be 
confirmed by the owner thereof, it shall be presumed 
that the land upon which the said railroad or any of its 
branches m \y be constructed, together with a space of 
one hundred feet on each side of the centre of said road, 
has been granted to the company by the owner or owners 
thereof, and the said company shall have good right and 
title thereto, and shall have, hold and enjoy the same as 
long as the same be used for the purpose of said road, and 
no longer, unless the person or persons owning the said 
land at the time that part of the said road which may be 
on the said land was finished, or those claiming under 
him, her or them, shall apply for an assessment of the 
value of said lands, as hereinbefore directed, within two 
years next after that part of said road was finished; and 
in case the said owner or owners, or those claiming under 
him, her or them shall not apply within two years next 
after the said part was finished, he, she or they shall be 
forever barred from recovering said land, or having any 
assessment or compensation therefor : Provided, Nothing 
herein contained shall affect the rights of feme coverts or 



(13) 

infants until two years after the removal of their disabil- 
ities. 

Sec. 30. Be it further enacted, That all lands not here- 
tofore granted to any person, nor appropriated by law to 
the use of the State, within one hundred feet of the cen- 
tre of the road which may be constructed by the said 
company, shall vest in the company as soon as the line 
of the road is definitely laid out through it, and any 
grant thereafter shall be void. 

Sec. 31. Be it further enacted, That if any person or intrusion, 
persons shall intrude upon the said railroad by any man- 
ner of use thereof, or of the right and privileges connect- 
ed therewith, without the permission, or contrary to the 
will of said company, he, she, or they shall forthwith 
forfeit to the said company all the vehicles that may be 
intruded on the said road, and the same be recovered by 
suit at law; and the person or persons so intruding may 
also be indicted for misdemeanor, and, upon conviction, 
fined and imprisoned by any court of competent juris- 
diction. 

Sec 32. Be it further enacted, That if any person shall wilful injury, 
wilfully and maliciously destroy, or in any manner hurt, 
damage or obstruct, or shall wilfully and maliciously 
cause, or aid, or assist, or counsel and advise any other 
person or persons to destroy, or in any manner to hurt, 
damage, or destnvy, injure or obstruct the said railroad, 
or any bridge or vehicle used for or in the transportation 
thereon, any water-tank, warehouse, or any other prop- 
erty of said company, such person or persons so offending 
shall be liable to be indicted therefor, and on conviction, 
shall be imprisoned not more than six nor less than one 
month, and pay a fine not exceeding five hundred dollars 
Lor less than twenty, at the discretion of the court before 
which said conviction shall take place, and shall be 
further liable to pay all expenses of repairing the same ; 



(14) 



Obstructions. 



and it shall not be competent for any person so offending 
against the provisions of this clause to defend himself by 
pleading or giving in evidence that he was the owner or 
agent, or servant of the owner of the land where such 
destruction, hurt, damage, injury or obstruction was done 
at the time the same was done or caused to be done. 

J3ec. 33. Be it further enacted, That every obstruction to 
the sale and free passage of vehicles, on the said road or its 
branches, shall be deemed a public nuisance, and may be 
abated as such by any officer, agent or servant of the com- 
pany, and the person causing such obstruction may be in- 
dicted and punished for erecting a public nuisance. 



Good-swaies, &c. Sec 34. Be it further enacted, That the said company 
shall have the right to take at the store houses they may 
establish on or annex to their railroad or the branches 
thereof, all goods, wares, merchandise and produce in- 
tended for transportation, prescribe the rules of priority, 
and charge and receive such just and reasonable compen- 
sation for storage as they by rules may establish, which they 
shall cause to be published, or as may be fixed by agreement 
with the owner, which maybe distinct from the rates of trans- 
portation. Provided, That the said company shall not 
charge or receive storage on goods, -wares, merchandise or 
produce which may be delivered to them at their regular 
depositories for immediate transportation, and which the 
company may have the power of transporting immediately. 

Sec. 35. Be it further enacted, That the profits of the 
company or so much thereof as the general board may 
deem advisable, shall, when the affairs of the company 
will permit, be semi-annually divided among the stock- 
holders in proportion to the stock each may own. 



Sec. 36. Be it further enacted, That the capital stock in 
said company, and all the property, real and personal, 
belonging to the said company, shall be exempt from 
taxation by the State of North Carolina, or any corporate 



(15) 

or municipal police or other authority thereof, or any 
town, city or county for the term of fifteen years: Pro- 
vided, That it shall be competent for the legislature of 
North Carolina, but for no municipal town, county or 
corporate authority, at any time after the expiration of 
the period aforesaid, to impose such tax upon the estate, 
both real and personal, of the said company as they may 
deem reasonable and just, not exceeding, however, in any 
event the tax imposed on the respective citizens of said 
state or property owned by them of a similar character. 

Sec. 37. Be it further enacted, That the following officers 
and servants and persons in the actual employment of said 
company be and are hereby exempted from the perform- 
ance of jury and ordinary militia duty ; the president and 
treasurer of the board of directors, and chief assistant en- 
gineers, the secretaries and accountants of the company, 
keepers of the depositories, guard stationed on the road to 
protect it from injury, and such persons as may be working 
the locomotive engines and traveling with the cars for the 
purpose of attending to the transportation of produce, 
goods and passengers on the road. 

Sec. 38. Be it further enacted, That said company shall connection. 
have .power to connect one terminus of their said road with 
the North Carolina Road in such manner as to prevent any 
drayage or any uimeccessary transportation of goods, pro- 
duce, merchandise and passengers by horse power between 
said roads, not, however, interfering with or hindering the 
rightful exercise of the North Carolina Kailroad Company 
under their present charter. 

Sec 39. Be it further enacted, That the company shall be- when to begin, 
gin the construction of the said railroad within two years 
from the first day of January, eighteen hundred and fifty- 
five, and complete it within ten years thereafter, otherwise 
the privileges here granted shall be forfeited and cease, ex- 
cept for so much of said road as shall then be actually 



Public act. 



(16) 

constructed and in operation; and for the part thus actu- 
ally constructed the said company shall be entitled to all 
the privileges of this act of incorporation iu as full a meas- 
ure as if the whole line of said road had been constructed 
aud put in operation as at present contemplated. 

Sec. 40. Be it farther enacted, That any incorporated 
company shall and may have authority to subscribe such 
sum to said railroad as a majority of its members may 
determine upon. 

Sec. 41. Be it farther enacted, That this act shall be re- 
garded as a public act, and may be given in evidence as 
such in all cases without special pleading. 

Sec. 42. Be it farther enacted, That this act shall be in 
force from and after its ratification. 

[Ratified the 14th day of February, 1855.] 

The following act was ratified 15th February, 1861 : 

AN ACT TO INCORPORATE THE CHATHAM RAILROAD COMPANY. 



Capital stock. Section 1. Be it enacted by the General Assembly of the 

State of North Carolina, and it is hereby enacted by the au- 
thority of the same, That a company is authorized to be 
formed, with a capital stock of eight hundred thousand 
dollars, to be divided into shares of one hundred dollars 

corporate title, each, to be called and known as the " Chatham Railroad 
Company," for the purpose of building and constructing a 
railroad, with one or more tracks, to be used with steam 
and other motive power, from the Coalfields in the county 
of Chatham, through said county to Raleigh, or some poin^ 
west of Raleigh not exceeding twelve miles, the nearest 
and most practicable route; and such company, when 
formed as hereafter directed, shall have power to receive, 
possess, own and transfer real and personal property, to 

Powers. have a common seal, and to pass such by-laws, not incon- 



(17) 

sistent with the laws of this State, as may be necessary to 
cany out the object of the corporation ; shall be capable iu 
law of suing and being sued, pleading and being impleaded, 
and shall have and enjoy all the rights of other corporate 
bodies under the laws of this State, to condemn land for 
right of way and all other purposes necessary to carry into 
effect the purposes of said company ; and shall generally 
have and possess all the rights, privileges and immunities, 
and be subject to the limitations and restrictions of cor- 
porate bodies in this State ; and shall have the exclusive 
right to transfer and carry persons, produce, merchandize 
and minerals on and along such railroad at such prices as 
they may fix. 

Sec. 2. Be it farther enacted, That for the purpose of commissioners, 
creating the capital of such company John C. Stone, Henry 
A. London, Frank Page, Kemp P. Battle, 0. A. Taylor, 
T. D. Hogg, Rufus S. fucker, W. P. Taylor, fm. Hogan 
Jones and Elias Bryan are hereby appointed commission- 
ers, whose duty it shall be, as soon after the passage of this 
Act as may be, to appoint such commissioners to open 
books of subscription at such places and at such times as to 
them shall seem best, and under such rules and regulations 
as they may prescribe. 

Sec. 3. Be it farther enacted, That whenever the sum of General meetings, 
one hundred thousand dollars shall have been subscribed 
to the capital stock of said company by solvent subscribers, 
it shall be the duty of the commissioners aforesaid to call 
a general meeting of the stockholders, after giivng such 
notice as to them shall seem sufficient, and at such times 
and places as they shall determine ; and at all general meet- 
ings of said stockholders, not less than a majority of all the 
stock subscribed shall constitute a quorum for the transac- 
tion of business, and said stockholders, when so met in 
general meeting, shall have power, and it shall be their duty, 
to elect a president and five directors for said companv ; 

L \ r *r j President and 

and in electing such president and directors, and in enact- Rectors. 
3 



(18) 

ing such by-laws, as may be necessary, each share of stock 
represented, either in person or by proxy, shall be entitled 
to one vote : Provided, If a majority of such stockholders 
shall not attend said first general meeting, such as do attend 
and are present may adjourn from time to time until a 
majority shall appear. 



First gen< ral 
meeting. 



Sec. 4. Be it farther enacted, That it shall be the duty of 
said stockholders, at their first general meeting, to prescribe 
the manner and time in which payments of stock on the 
subscription books shall be made : Provided, Not more 
than one half of said subscription shall be called for in one 
year after said first general meeting. 



Vacancies 



Reports. 



Sec. 5. Be it further enacted, That it shall be the duty of 
the president and directors of said company to appoint a 
treasurer, who shall remain in office such length of time as 
the company in their by-laws shall determine ; and said 
president and directors shall remain in office one year, and 
until others are chosen, and shall have a general direction 
and management of the affairs of said company, and shall 
appoint some suitable person as engineer, whose duty it 
shall be to make the necessary surveys for the location of 
said railroad, and furnish the president and directors with 
such survey or surveys, and estimates of the cost ; said 
directors shall have power to fill an}' vacancy that may 
occur in their board, and in the absence of the president to 
elect one for the time ; they shall also appoint a secretary; 
whose duty it shall be to keep a lair and correct record of 
the proceedings of said board, and of all the proceedings of 
the stockholders in general meeting, in a book to be pro- 
vided for that purpose. 

Sec. 6. Be it farther enacted, That the president or board 
of directors shall, at least once a year, make a full report 
on the state of the company and its affairs to a general 
meeting of the stockholders, and often er if required by 
any by-law of the company, and also [call] a general 



(19) 

meeting of the stockholders, whenever they deem it expe- 
dient ; and the company may provide in their by-laws 
for occasional meetings being called, and prescribe the 
mode thereof. 

Sec. 7. Be it further enacted, That all persons, the Jus- Coun ties, &c, may 

~ _, ,.; „ - . subscribe. 

tices of the County Court or the authorities or any incorp- 
oration, shall have full power and authority to subscribe 
to the capital stock of said company to the amount they 
shall be authorized to do by the inhabitants of said county 
or incorporated town, or the proper authorities of any 
corporation to the amount they shall be authorized to do 
by the inhabitants of said county or town; and they 
(may) issue bonds or other evidence of debt to enable 
them to borrow money to pay such subscription ; the said 
subscription to be made by any agent or agents of such 
county, town or corporation properly authorized by them 
to make the same, when so made shall be binding on 
such county, company or corporate body in the same 
manner and to the same extent that it is on the individ- 
ual subscribers, and such body corporate or company, or 
county, shall be represented in all general meeting of the 
stockholders. 

Sec. 8. Be it further enacted, That if the capital stock increase of stock, 
of said company, as authorized by this charter, be in- 
sufficient to carry out the purposes of the same, it may 
be increased by said company to OEe million two hun- 
dred and fifty thousand dollars. 

Sec. 9. Be it further enacted, That said company may 
begin the construction of said road at any point on the 
line of location according to their discretion, and that for 
any portion of said road actually constructed the said 
company shall be entitled to all the privileges of this 
act into and over such part so constructed. 



(20) 

Sec. 10. Be it farther enacted, That this act shall be in 
force from it's ratification. 

[Ratified the 15th day of February, 1861.] 

The commissioners appointed in the above act met on 
April 3rd, 1861, and again on April 3rd, 1862, when 
they issued a call for the stockholders' meeting, which 
met April 16, 1862. 

The following act was ratified 23d February, 1861: 

[This act repealed by Section 3 of the Ordinance of 1862, following:] 
AN ACT SUPPLEMENTAL TO AN ACT PASSED AT THE PRESENT 
SESSION OP THE GENERAL ASSEMBLY, ENTITLED " AN ACT TO 
INCORPORATE THE CHATHAM RAILROAD COMPANY." 

Public Treasurer Section 1. Be it enacted by the General Assembly of the 
State of North Carolina, and it is hereby enacted by the au- 
thority of the same, That the Public Treasurer be, and he 
is hereby authorized and directed to sell the couponbonds 
of the State, to an amount not exceeding two hundred 
thousand dollars, signed by the Governor, countersigned 
by the Public Treasurer, and sealed with the great seal 
of the State, bearing six per cent, interest, principal 
payable at the end of twenty years from the date thereof, 
and the coupons of interest payable semi-annually in 
such form as the Public Treasurer may direct, to be 
made payable at such time and place as may be agreed 
upon by the Public Treasurer, and that the Public 
Treasurer shall pay over the said sum of two hundred 
thousand dollars to the President and Directors of the 
Chatham Railroad Company, at such times and upon 
such conditions as are herein provided : Provided, Said 
bonds shall not be sold by the Public Treasurer for a less 
sum than their par value. 

conditions for the Sec. 2. Be it further enacted, That before the Public 
bonds Treasurer shall sell for said company any of the bonds 



(21) 

hereby authorized to be sold, the said Chatham Railroad 
Company shall deliver to the Public Treasurer the cou- 
pon bonds of said company, for the same amount and 
bearing the same interest and date, the principal and 
coupons payable at the same time and place as those of 
the State hereinbefore directed to be issued and paid over 
to the Chatham Railroad Company ; and to secure the 
principal and interest of said bonds issued by the Chat- 
ham Railroad Company, the State of North Carolina 
shall by this act have a lien upon all the estate of said 
company, both real and personal, which they may now 
have or hereafter acquire, which lien shall be more ef- 
fectually secured by a mortgage duly executed by said 
company to this State, and registered in the register's 
office of the counties of Chatham and Wake; and for the 
better security of the payment of the interest upon said 
bonds, until the completion of said road, the company 
shall deposit with the Treasurer, good and sufficient 
bonds, made by individual stockholders or persons inter- 
ested in said road, amounting to fifty thousand dollars, to 
secure the payment of the interest as aforesaid, which said 
bonds shall be payable to the Public Treasurer, and shall 
be deemed due and payable at any time prior to the com- 
pletion of said road, if the said company shall fail to pay 
the interest on the bonds given in exchange for the bonds 
of the State, which bonds shall, upon the payment of the 
interest to the completion of said road.be surrendered by 
the Public Treasurer to said company. 

Sec. 3. Be it farther enacted, That the bonds of the State, Wne „ bonds to be 
hereby authorized to be sold for the Chatham Railroad lssued - 
Company, shall not be sold until an amount of stock suf- 
ficient to build said road shall have been subscribed and 
satisfactory assurance given to the Governor and Treas- 
urer for the payment thereof, either in work or money, 
and a bond payable to the Treasurer in the sum of four 
hundred thousand dollars, with good and satisfactory se- 
curity, shall have been delivered to the Treasurer, said 



r 22) 



bond, however, to be void upon condition the said 
road shall be completed within four years from the date 
of the bonds of the State, hereby authorized to be ex- 
changed. 

Sec. 4. Be it further enacted, That this act shall be in 
force from and after the date of its ratification. 
, [Ratified the 23d day of February, 1861.] 

. The following ordinance of the Convention was rati- 
fied 30th January, 1862 : 

AN ORDINANCE IN ADDITION TO AND AMENDMENT OF AN ACT OF 
THE GENERAL ASSEMBLY, RATIFIED THE 15TH DAY OF FEB- 
RUARY, 1861, ENTITLED " AN ACT TO INCORPORATE THE 
CHATHAM RAILROAD COMPANY," AND TO REPEAL AN ACT SUP- 
PLEMENTAL THERETO, RATIFIED THE 23RD DAY OF FEBRU- 
ARY, 1861. 



Amendment to 
section J, act of 
February 15, 1861 



Section 1. Be it ordained by the Delegates of the People of 
North Carolina in Convention assembled, and it is hereby or- 
dained by the authority of the same, That section first of. an 
act of the General Assembly ratified the fifteenth day of 
February, one thousand eight hundred and sixty-one, 
entitled " An act incorpoiating the Chatham Rail Road 
Company," be amended by inserting after the words, 
" from the Coalfields, in the county of Chatham, through 
said county," the words, " connect with the North Caro- 
lina Rail Road at," so as to make the section read, " to 
connect with the North Carolina Rail Road at Raleigh 
or some point west of Raleigh not exceeding twelve 
miles." 



Repeals sec. 4, act Sec. 2. Be it further ordained, That the proviso in sec- 
of Beb. 1-, 1861. ^ on f our f sa j^ ac £ £ ^ ne Q eiiera ] Assembly be stricken 

out. 



„ , , Sec. 3. Be it further ordained, That an act of the Gen- 

RepealsactofFeb. J ' 

23,1861. era ] Assembly, ratified on the twenty-third day of Feb- 



(23) 

ruary, one thousand eight hundred and sixty one, enti- 
tled " An act supplemental to an act passed at the present 
session of the General Assembly, entitled " An act to 
incorporate the Chatham Rail Road Company," be, and 
the same is hereb} r repealed and abrogated. 

Sec. 4. Be it further ordained, That all such solvent Authorizes corpo- 

. rations to sub- 

corporations os may or shall subscribe to the capital stock scribe to capital 

of the said Chatham Railroad Company, may make their 
bonds payable to the Public Treasurer of the State of 
North Carolina for the amount of their subscriptions to 
said capital stock, and no more ; which said bonds are 
to be signed by the presidents, and under the seals re- 
spectively of said corporations, and made for any sums 
not under five hundred dollars each, to bear interest at 
the rate of six per cent, per annum, which interest is to 
be paid semi-annually, to-wit: the first Monday in Jan- 
uary and July in each and every year; and the principal 
of said bonds to be made payable twenty years afterdate ; 
and these bonds, so authorized to be made, may be de- 
posited with the Public Treasurer of the State, who shall 
then issue and deliver to the several corporations so sub- 
scribing and depositing their bonds as aforesaid, the cou- 
pon bonds of the State of North Carolina, to the amount 
of their subscriptions respectively, and made for the sums 
of five hundred dollars and one thousand dollars, to bear 
interest at the rate of six per cent, per annum, which in- 
terest is to be paid semi-annually on the first Monday in 
January and July in each and every year, and the prin- 
cipal of said bonds to be made payable twenty } T earsafter 
date : Provided, That said bonds shall not exceed, in the 
aggregate, the sum of eight hundred thousand dollars; 
and provided also, that said Chatham Rail Road Compa- 
ny shall execute and deliver to the Governor of the State 
of North Caiolina a deed of mortgage, under the seal of 
said company, wherein and whereby shall be conveyed 
to the Governor and his successors in office, for the use 
and benefit of the State, all the estate, both real and per- 



(24) 

sonal, belonging to said company, or in any manner per- 
taining to the same, conditioned for indemnifying and 
saving harmless the State of North Carolina from the 
payment of the whole or any part of the bonds of the 
State, authorized by this oidinance to be made by the 
Public Treasurer, and delivered to the several corpora- 
tions subscribing as aforesaid to the capital stock of said 
Chatham Rail Road Company. In addition to the deed 
of mortgage hereinbefore required to be executed and 
delivered by the Chatham Rail Road Company, the State 
of North Carolina shall, by this ordinance, have a lien 
upon the estate, both real and personal, of said company, 
which they may now have, or may hereafter acquire, to 
secure the principal and interest of the bonds of this 
State authorized to be issued as aforesaid. 

Sec. 5. Be it further oidained, That said bonds of the 
State, so made by the Public Treasurer, shall be received 
by the said Chatham Rail Road Company in payment 
of subscriptions made as aforesaid by such corporations 
to the capital stock of said Chatham Railroad Company. 

Sec. 6. Be it further ordained, That said cor| orations 
Kight to redeem so subscribing and depositing their bonds as aforesaid 

bonds. ° t ■ a 

with the Treasurer of the State shall be allowed to re- 
deem their bonds at any time before maturity, in the 
currency of the State, on giving thirty days' notice to the 
Treasurer of this State of their intention so to do. 



Termini in the 
Coalfields. 



Sec. 7. Be it 'further ordained, That the said railroad 
may be constructed with termini at any point or points 
in the said Coalfields region that the stockholders in said 
company may agree upon with the approbation of the 
Board of Internal Improvements. 



Sec. 8. Be it father ordained, That ihe corporate au 
thorities of incorporated towns subscribing to the capital 
stock of said Chatham Rail Road Company, in order to 



(25) 

provide for the payment of their subscriptions, and of 
the principal and interest of bonds for that purpose, by 
them issued, shall have authority to lay and collect taxes 
from all subjects, which, under the charters of said towns, 
are taxable. 

Sec. 9. Be it fai thcr ordained, That the solvency of such 
corporations as may desire to subscribe to the capital 
stock of said Chatham Railroad Company shall be judg- 
ed of by the Board of Internal Improvements. 

Sec. 10. Be it further ordained, That all laws and parts 
of laws, all acts or parts of acts inconsistent with the pro- 
visions of this ordinance, are hereby repealed and abro- 
gated. 

\_Ratified the SQih day of January, 1862.] 



The following ordinance was ratified February 10th, 
1802: 

AN ORDINANCE SUPPLEMENTAL TO AN ORDINANCE, RATIFIED AT 
THE PRESENT SESSION OF THIS CONVENTION, ENTITLED " AN 
ORDINANCE IN ADDITION TO AND AMENDMENT OF AN ACT OF 
THE GENERAL ASSEMRLY, RATIFIED THE 15TH DAY OF FEB- 
RUARY, 1861, ENTITLED " AN ACT TO INCORPORATE THE 
CHATHAM RAILROAD COMPANY AND TO REPEAL AN ACT SUP- 
PLEMENTAL THERETO, RATIFIED THE 23RD OF FEBRUARY, 
1861," AND AUTHORIZING CERTAIN PERSONS TO OPEN BOOKS 
OF SUBSCRIPTION TO THE CAPITAL STOCK OF SAID COMPANY. 

Section 1. Be it ordained by the Delegates of the People Amending ordi- 
of North Carolina in Convention assembled,, and it is hereby Sa"y, e i862. 
ordained by the authority of the same, That an act of the Gen- 
eral Assembly, entitled " An act to incorporate the Chat- 
ham Railroad Company," be amended by adding to section 
2d the following: "And a majority of said general com- 
missioners shall be competent to transact business; and in 
4 



(26) 

the mean time it shall be lawful for books of subscription 
to said stock to be opened in the city of Raleigh, under the 
direction of Geo. W. Mordecai, William Henry Jones and 
¥m, W. Vass, or either of them ; in the town of Newbern, 
under the direction of Ed. Stanley, A. T. Jerkins, W. H. 
Oliver, or any one of them ; in the town of Goldsboro, 
under the direction of E A. Thompson, Richard Washing- 
ton, P. A. Wiley, or any one of them ; at Pittsboro, under 
the direction of II. A. London, John II . Haughton, John 

A. Womack, or an}' one of them ; at Haywood, under the 
direction of B. I. Howze, R, K. Smith and II. rT. Clegg, or 
any one of them ; at Warrenton, under the direction of J. 

B. Batchelor, Jno. White, Richard T. Arrington, or any 
one of them ; at Hillsboro, under the direction of William 
A. Graham, Thos. Webb, P. B. Ruffin, or any one of them ; 
at Srnithfield, under the direction of J. W. B. Watson, 
Edwin Sanders, J. B. Beckwith, or any one of them ; at 
Oxford, under the direction of S. S. Roystcr, C. H. K. 
Taylor, R. B. Gilliam, or any one of them ; at Louisburg, 
under the direction of J. J. Davis, J. King, E. S. Hill, or 
any one of them ; at ^Norfolk, under the direction of S. M. 
Wilson, Kacler Biggs, Jas Gordon, or any one of them ; 
and at Petersburg, under the direction of W. T. Joyner, R. 
JL Martin, and George D. Baskerville, or any one of them; 
and said general commissioners shall have power to appoint 
a chairman of their body, treasurer and all other officers 
their organization may require, and to sue for and recover 
all sums of money that ought under said act to be recov- 
ered by them in the name of said corporation. 
• [EatiM the 10/A day of Ftbruan/,IW2.] 

The first General meeting of Stock holders was held 
10th April, 1862, when the Chatham Railroad Company 
was duly organized under the provisions and authority 
pf the foregoing acts and ordinances. 

-■■•"■■• - ■■ ' 

• 






(27) 

The following act was ratified the 5th of February, 
18G3: 

AN ACT TO AMEND THE CHARTER OF THE CHATHAM RAIL- 
ROAD COMPANY. 

Section 1. Be it enacted by the General Assembly of the state to subscribe 
State of North Carolina, and it is hereby enacted by the author- ' pel 1U1 e ' 
ify of the same, That whenever it shall appear to the Gov- 
ernor of the State, by a certificate under the seal of the 
Chatham Railroad Company, signed by the Treasurer and 
countersigned by the President, that at least one mile of 
the road has been graded and prepared for the super- 
structure, the Governor shall be, and he is hereby au- 
thorized to subscribe on behalf of the State for stock in 
said company, to an amount equal to ten thousand dol- 
lars per mile for the part so graded, and a like sum shall 
be subscribed in like manner, whenever any additional 
number of miles of the road shall have been so graded, 
until its completion : Provided, That no State subscription 
shall be made for that portion of the said road beyond 
Lockville, until the grading shall be completed and ready 
for the superstructure from the North Carolina road to 
Lockville. 

Sec, 2. Be it farther enacted, That the number of said Directors, 
directors in said company shall be seven, of whom the 
Board of Internal Improvements shall appoint a number 
proportioned to the stock subscribed by the State; the 
residue to be elected by the other stockholders, as pre- 
scribed in the charter of the company, and said directors 
shall, out of their number, choose the President of the 
said company. 

Sec. 3. Be it farther enacted, That the Public Treasurer state to issue 
shall pay such subscriptions by the sale of coupon bonds 
of the State, the principal of which is to be paid at the 
end of twenty years, and the interest semi-annually on 



28 



the first Monday in January and July in each and every 
year ; said bonds to be made for the sums of five hundred 
and one thousand dollars : Prodded, That said bonds 
shall not be sold for less than their par value, and further, 
that said bonds shall not exceed in the aggregate two 
hundred and fifty thousand dollars. 

Acceptance or s EC . 4. Be it farther enacted, That inconsideration of the 

this act to repeal J ' 

49 C of°?^anct n o1 benefit conferred by this act, the Chatham Railroad Gom- 
convention. pany shall, by accepting the same, be deemed to sur- 

render so much of the privileges granted by sections 45, 
4G and 49 of an ordinance of the Convention, entitled 
" an ordinance in addition to an amendment of an act of 
the General Assembly, ratified the loth day of February, 
1861, entitled " an act to incorporate the Chatham Rail- 
road Company, and to repeal an act supplemental thereto, 
ratified the 23d February, 1861," as are conferred on cor- 
porations which may hereafter subscribe to the capital 
stock of said company. 



ft. & O.K. R. and 

city of Raleigh. 



Termini in Coal- 
fields. 



Sec. 5. Be it further enacted, That all sums of money 
paid by the Raleigh and Gaston Railroad Company, and 
the city of Raleigh, to the Treasurer of the State, in satis- 
faction of the principal and interest of the bonds of said 
corporation, deposited with the Treasurer as contemplated 
in the said ordinance of the Convention, shall be applied, 
first, to the pa}^ment of the interest of the bonds of the 
State given said corporation in exchange for their own, 
and the residue shall be paid to the commissioners of the 
sinking fund to be used by them, at their discretion, for 
the redemption of said bonds of the State. 

Sec. 6. B« it further enacted, That the said railroad may 
be constructed with termini to any point or points in the 
Coalfields region, in the counties of Chatham and Moore, 
that the stockholders may agree upon, with the approba- 
tion of the Board of Internal Improvements. 



(29) 
Sec. 7. Be it. further enacted, That when any lands or condemnation of 

' ' J right of way. 

right of way may be required by said company for the 
purpose of constructing their road, and for want of agree- 
ment as to the value thereof, or from any other cause, the 
same cannot be purchased from the owner or owners, the 
same may be taken at a valuation to be made by five 
commissioners, or a majority of them, to be appointed by 
any court of record having common law jurisdiction in 
the county where some part of the lands or right of way 
is situate; in making the said valuation the f aid com- 
missioners shall take into consideration the loss or dam- 
age which may accrue to the owner or owners in conse- 
quence of the land or right of way being surrendered, 
and the benefit or advantage he, she or they may receive 
from the erection or establishment of the railroad or 
works, and shall state particularly the value and amount 
of each, and the excess of loss or damage, over and above 
the advantage and benefit, shall form the measure of the 
valuation of said land or right of way : Provided, never- 
theless, That if any person over whose land the road ma}* 
pass, or the said company shall be dissatisfied with the 
valuation of said commissioners, then, and in that case, 
the person or corporation so dissatisfied may have an 
appeal to the superior court of the county where said val- 
uation has been made, or in another county where the 
land lies, when it lies in more than one county, under 
the same rules, regulations and restrictions as in appeals 
from the justices of the peace ; the proceedings of said 
commissioners, accompanied with a full description of 
the said land or right of w T ay, shall be returned rnder the 
hands and seals of a majority of the commissioners to the 
court from which the commission issued, there to remain 
a matter of record ; and the lands or right of way shall 
vest in said company so long as the same may be used 
for the purposes of said railroad as soon as the valuation 
may be paid, or when refused, may have been tendered, 
or if the owner cannot be found, as for good cause shown, 
the court where the commission issued shall direct the 



(30) 

same, as soon as said valuation shall be paid into the 
hands of the clerk of said court: Provided, That nothing 
herein contained shall hinder or delay the said company 
in prosecuting their work; and provided, further, that on 
application for the appointment of commissioners under 
this section, it shall be made to appear to the satisfaction 
of the court that at least ten days' notice has been given 
to the owner of the land, or if the owner be non compos 
mentis, or an infant, then to the guardian of such owner; 
or if such owner or guardian cannot be found within the 
county, then such appointment shall not be made, unless 
notice of the application shall have been personally 
served on such owner or owners as aforesaid, or published 
at least one month previous in some newspaper printed 
as conveniently as may be to the court house of the 
county, and shall have been posted at the court house 
door. Said commissioners shall make such valuation on 
oath, which any justice of the peace or clerk of a court of 
record is hereby authorized to administer. 
100 feet on each S EC . g. Be it further enacted, That the right of said 

side ot track to be J ° 

condemned. company to condemn land shall extend to the condemn- 

ing, if they deem it advisable, of one hundred feet on 
each side of the centre of the track, unless in case of deep 
cuts and fillingo, when said company shall have power 
to condemn so much in addition thereto as may be neces- 
sary for the purpose of construct. ng this road ; and the 
company shall have power to condemn and appropriate 
in like manner lands for constructing and building de- 
pots, shops, ware-houses, buildings for servants, agents 
and officers employed on the road. 



tion 



Lapse of two Sec. 9. Be it further enacted., That in the absence of 

years' presump- . . . 

tjon of condeinna- an} r contract or contracts with said company in relation 
to land through which the said road may pass, it shall 
be presumed that the land on which said road may be 
constructed, together with one hundred feet on each side 
of the centre of the track, has been granted to the com- 
pany by the owner, and the said company shall have 



(31) 

good title and right thereto, and shall hold and enjoy 
the same as long as the same may be used for the pur- 
poses of the company, unless said owner, at the time of 
finishing the part of the road on his land, shall apply for 
the assessment of the value of the land within two years 
next after the finishing of such portion of the road; and 
said owner, for the want of such application within said 
two years, shall be barred from said recovery : Provided, 
Thai nothing herein contained shall authorize said com- 
pany to invade any dwelling house, yard, garden or 
burial-ground, without the owner's consent; nor shall 
the right of femes covert, infants, or those non compos men- 
tis, be affected until two years after the removal of their 
respective disabilities. 

Sec. 10. Be it. further enacted, That the gauge of said Gauge 
road shall be the North Carolina gauge. 

Sec. 11. Be it further enacted, That this act shall be in 
force from and after its ratification. 

[Ratified the 5th day of February, 1863.] 

The amendments contained in the above act of Feb- 
ruary 5th, 1863, were accepted at a Special Stockholders' 
meeting held the 3d of March, 1863. 

The Annual Stockholders' meetings wereheld 16th April, 
1863, 3d March, 1864, and 2d March, 1865. At a Special 
Stockholders' meeting held 1st February, 1S66, the cap- 
ital stock was scaled by dividing the number of shares 



The next Annual Stockholders' meeting was held 1st 
March, 1866, and no quorum being present, it was ad- 
journed over and held 20th July, 1866. A meeting of 
Private Stockholders was held the same day. The An- 
nual Stockholders' meeting was held 1.5th and 16th 
July, 1867. 



(32) 

The following ordinance of the Convention was ratified 
11th March, 1868: 

AN ORDINANCE TO AMEND THE CHARTER OF THE CHATHAM 
RAILROAD COMPANY. 

Pubi" Treasurer » 

to issue bonds. Section 1. Be it ordained by the people of North Carolina 

in Convention assembled, That to enable the Chatham Rail- 
road Company to finish its road, the Public Treasurer is 
hereby authorized and directed to deliver to the Presi- 
dent and Directors of the said Railroad Company, the 
coupon bonds of the State, to an amount not exceeding- 
twelve hundred thousand dollars (1,200,000), signed by 
the Governor, countersigned by the Public Treasurer and 
sealed with the Great Seal of the State, bearing six per 
cent, interest, the principal payable at the end of thirty 
years from the date thereof, and the coupons of interest 
payable semi-annually, in such form as the Public Treas- 
urer may direct, to be made payable at such time and 
place as may be agreed upon by the Public Treasurer. 



Company to de- 



Sec. 2. Be it farther ordained, That before the Public 
;, IthllV^'Vi}** Treasurer shall deliver any of said bonds herebv authorized, 
treasurer. fi ie g^ Chatham Railroad Company shall deposit with the 

Public Treasurer the coupon bonds of said Company for the 
same amount and bearing the same interest and date, the 
principal and coupons payable at the same time and place 
as those of the State hereinbefore directed to be issued and 
paid over to the Chatham Railroad Company, and to secure 
the principal and interest of said bonds issued by the Chat- 
ham Railroad Company, the State of North Carolina shall 
by this ordinance have a lien upon all the estate of said 
. compan}',both real and personal, which they may now have 
.or may hereafter acquire, between the city of Raleigh and 
the Gulf, the terminus of said railroad, in the Coalfields, 
including that at both points, together with all the rights, 
franchises and powers thereunto belonging, or appertaining, 
or that may hereafter belong or appertain to said company, 



(33) 

which lieu shall be more effectually secured by a first mort- Llen b y the state - 
gage duly executed by said company to the State, and reg- 
istered in the Register's office of the counties of Wake and 
Chatham, and in case of failure of said company to pay the 
semi-annual interest on its bonds for twenty-four months 
after such interest shall become due, or to pay the princi- 
pal of said bonds for twelve months after their maturity, 
the Board of Internal Improvements for and in behalf of 
the State may enter upon and take possession of all the 
property hereinbefore specified, and dispose of the same by 
sale so as to protect the State. 

Sec. 3. Be it further ordained, That the Chatham Rail- May take up 

•" [ bonds. 

road Company may at any time before maturity take 
up the bonds of said Company, deposited with the Public 
Treasurer, by substituting in lieu thereof coupon bonds 
of the State or other indebtedness of the State. 

Sec. 4. Be it further ordained, That the State shall have privilege reserv- 
the privilege at any time within eight years from the 
passage of this ordinance to subscribe stock in said com- 
pany to the amount of six hundred thousand dollars 
($600,000) in shares of one hundred ($100) dollars each, 
and upon certificate of stock being issued to the State by 
said company for the same, to surrender the bonds of 
said company which had previously been delivered to 
the State under the provisions of this ordinance. 

Sec. 5. Be it further ordained, That this ordinance shall 
take effect and be in force from and after its passage. 
[Ratified this 11th day of March, 1868.] 

The above ordinance of the Convention was accepted 
by a special stockholders' meeting held 4th April, 1868. . 
The annual stockholders' meeting was held 20th July, 
1868. 

5 



(34) 
The following act was ratified 3rd August, 1868 : 

AN ACT TO EXTEND THE CHATHAM RAILROAD. 

Road may be ex- Section 1. The General Assembly of the State of North 

tended. _ J <■ . 

Carolina do enact, That the Chatham Railroad Company 
is hereby authorized to extend its road from the graded 
terminus, at or near Haw River, to the South Carolina State 
line, near Cheraw, the most approved route to be deter- 
mined by the President and Directors of said road : Pro- 
vided, That the privilege shall not be construed to relieve 
said company from the obligation to build their road to 
theGrulfin Chatham countv. 



Proviso. 



aifymoney e untin Sec - 2 - TIie Chatham Railroad Company shall not ex 
ai^compTiaiwUh pend any money on that portion of the line south of the 
intersection with the Western Railroad, except for the 
survey and location of the same, until that portion of the 
line between its junction with the North Carolina Rail- 
road and its intersection with the Western Railroad is 
completed and in operation with sufficient rolling stock 
and suitable depot, freight and engineer buildings and 
machine shops, nor until the obligation expressed in pro- 
viso in section 1 of this act shall have been fully dis- 
charged. 

\vhenactto take Sec. 3. This act shall go into effect and become a part 

effect, & r 

of the charter of the Chatham Railroad Company as soon 
as accepted by a majority of the Stockholders of said 
company, at any regular or called meeting thereof, and 
such acceptance shall be certified to the Governor of the 
State by the President of the company and the seal of 
the corporation. 

[Ratified the c 6rd day of August, 1808.] 



(35) 
The following act was ratified 15th August, 1868: 

AN ACT TO AMEND THE CHARTER OF THE CHATHAM RAILROAD 

COMPANY. 

Section 1. The General Assembly of North Carolina do Public Treasurer 

• ' authorized to de- 

mac£, That to enable the Chatham Railroad Company to uyer ; to President 

' r J of Chatham Rail- 

finish their road, the Public Treasurer is hereby author- road company 

' r two millions of 

ized and directed to deliver to the President of the said 5£"B? n f ]?^ s ri ° f ,, 

the State bearing 

Railroad Company the coupon bonds of the State, of one |^in thirty pay " 
thousand dollars ($1,000) each, to an amount not exceed- years - 
ing two million dollars, ($2,000,000) signed by the Gov- 
ernor, countersigned by the Public Treasurer, and sealed 
with the Great Seal of the State, bearing six per cent, 
interest, the. principal payable at the end of thirty years 
from the date thereof, and the coupons of interest paya- 
ble semi-annually, in such form as the Public Treasurer 
may direct, principal and interest payable at such time 
and place as he may prescribe. 

Sec 2. Before the Public Treasurer shall deliver any President of the 
of said bonds hereby authorized, the President of said posit anke 
Chatham Railroad Company shall deposit with the Public of the company 

, T i n i • With Public 

Treasurer, the coupon bonds of the company, signed by Treasurer. 
him and sealed with the company's seal for the same 
amount, and bearing the same interest and date. The 
principal and coupons, payable at the same time and plac?, 
as those of the State, hereinbefore directed to be issued 
and paid over to the said company, and to secure the 
principal and interest of said bonds, issued by the com- 
pany, the State of North Carolina shall have by this Act, 
a lien upon all the estate of the same, real or personal, state to have a 

, . , ,, , , „, . , lien on property 

which they may now have or may hereafter acquire, be- onpartofraii- 
tween the point of intersection with the "Western Railroad 
and the South Carolina State line, including that at both 
points, together with all the rights, franchises and powers 
thereunto belonging, or that may hereafter belong to said 
company, in respect of that portion of their line, which 



(36) 



Mortgage to be \\ en s hall be more effectually secured by a first mortgage, 

executed t>y com- J J & & J 

pany to state. duly execute J by said company to the State, and register- 
ed in the Register's office of the County of Wake, and in 
the office of the Secretary of State, and in case of the 
failure of said company to pay the semi-annual interest 
on their bonds for twenty-four months after such interest 
shall become due, or to pay the principal of said bonds for 

Mon gaze may be twelve months after their maturity, the Board of Internal 

loreelosecl. •> ' 

Improvements, for and in behalf of the State, may enter 
upon and take possession of all the property hereinbefore 
specified and dispose of the same by sale, so as to protect 
the State. 



Company may Sec 3. The Chatham Railroad Company may at any 

discharge its , . . " "* 

bonds by sub- time, before maturity, discharge the bonds of said com- 

stituting coupon ' J ' ° 

debSdneKf in ~ P an y> deposited with the Public Treasurer, by substitut- 
state or currency. ^ n g j n jj eu thereof coupon bonds of the State, or other 
indebtedness of the State, or payment in national cur- 
rency. 



Sec. 4. That any railroad company within this State 
shall be at liberty to take or purchase stock in, or lend 



Any Eailroad 
Company may 
purchase stock, 

purchase bonds money to, or purchase bonds of this or any other railroad 

of any other com- " . ,, . -,. . . n, , 

pany. company in this or any adjoining State. 



When act to be in Sec. 5. This Act shall be in force from and after its 
oree ' ratification. 

{Ratified the 15th day of August, 1868.] 

A Special meeting of Stockholders held 4th of Septem- 
ber, 1868, accepted the above acts of 3d of August, 1868, 
and 15th of August, 1868. 



The following act, approved 21st September, 1868, was 
passed at a General Assembly of the State of South Caro- 
lina, begun to be holden at Columbia on the first Mon- 
day in July in the year of our Lord, one thousand eight 
hundred and sixty eight, and thence continued by divers 



fftt) 

adjournments to the seventeenth day of September in the 
same year : 

AN ACT TO ENABLE THE CHATHAM RAILROAD COMPANY TO 
EXTEND THEIR ROAD TO COLUMBIA. 

Section 1. Be it enacted by the Senate and House of Rep- }^$g™ ^afi- 
resentatives of the State of South Carolina now met and sitting road company. 
in General Assembly, and by the authority of the same, That 
the Chatham Railroad Company, a corporation created 
by the laws of the State of North Carolina, be and the 
' same is hereby declared and constituted a body politic 
and corporate by the said name under the laws of this 
State, with the general rights, powers and privileges usu- 
ally incident to such corporations. 

Sec. 2. That the Chatham Railroad Company shall Termini and 

c J route. 

have power to extend their road, with one or more tracks, 
from the point where their road shall reach the dividing 
line between the States of North and South Carolina, 
through or near the corporate limits of the towns of Che- 
raw and Camden to the city of Columbia, by a route to 
be selected by the said company, and shall have the 
privilege of using any portion of their road before the 
whole is complete. 

Sec. 3. That the company hereby created shall have same powers, 

. rights and priri- 

all the powers, rights and privileges granted by the char- E g f t S rnKauroad 
ter and amendments thereto of the North Eastern Rail- 
road Company, to that company, subject to the conditions 
therein contained, except in so far as the special provis- 
ions of this act may require the same to be modified, va- 
ried or abrogated. 

Sec. 4. Whenever, in the construction of said railroad Crossing other 

1 _ < roads or ways. 

it shall be necessary or desirable to cross or intersect any 
established road or way, it shall be the duty of the said 
company so to construct their railroad across such estab- 



(38) 

lished road or way as not to impede the passage of per- 
sons or property along the same ; and in case it should 
become necessary or desirable to occupy any such estab- 
lished road or way, it shall be lawful for the said compa- 
ny to change such road or way at such points as may be 
deemed expedient by the company, and that for entering 
upon and taking any land that may be necessary there- 
for, the said company is hereby vested with the same 
powers as are given for the entering upon and taking any 
land which may be necessary for the construction of the 
Proviso. said railroad : Provided, That previous to the making of 

any such change, the said company shall make and pre- 
pare for travel a road equally good with the portion of 
the road so occupied, but nothing herein contained shall 
be so construed as to require the company to keep in re- 
pair any portion of any road which may have been 
changed as aforesaid. 

power to con- Sec 5. The said company by its officers, agents and 

way. r " employes, shall have full power to enter upon all lands 

and tenements through or over which they may desire 
to construct the said railroad, and to lay out the same 
according to their pleasure, so that the dwelling house, 
yard, garden, or grave-yard of no person be invaded with- 
out his consent, and in like manner shall have power to 
enter upon and lay out such contiguous lands as they 
may desire to occupy as sites for depots, toll-houses, ware- 
houses, engine sheds, work shops, water stations, and 
other buildings for the necessary accommodation of their 
officers, agents and employes, their horses and other ani- 
mals, and for the protection of property entrusted to their 
Proviso. care : Provided, however, That the land so laid out on the 

line of said railroad shall not exceed, except at deep cuts 
and fillings, one hundred feet on each side of the centre 
Right of way not of the tracks of said road ; and at such deep cuts and 
to exceed .00 feet, g^lings, shall not exceed a width sufficient for the con- 
struction of the bank?, and deposits of waste earth, 
and the adjoining lands for the sites of the depots and 



(39) 

other buildings shall not exceed ten acres in any one 
place, unless the company can agree with the owner for 
the purchase of the same. In case the said company 
shall, from any cause, be unable to obtain land or right 
of way, as aforesaid, by agreement with the owner or 
owners of the land, then the said company shall be au- 
thorized to take the same at a valuation to be fixed in 
the same way as is provided in the charter of the North 
Eastern Railroad Company, subject, however, to the pro- 
visions of an act entitled " An act to declare the manner 
by which the lands of persons or corporations may be 
taken for the construction and uses of railways and other 
works of internal improvements." 

Sec. 6. The said company shall have the exclusive right Exclusive rght 

■ T , of transportation 

of conveying and transporting persons and property over and to fix charges 
said railroad at such charges as may be established by a 
majority of the Board of Directors. 

Sec. 7. Suits shall be commenced against said company guits a , ainst com . 
by service of process on the President, Superintendent or mencwL WCom ~ 
principal agents at Cheraw or Columbia, or at any other 
place in the State where they, or either of them, may be 
found. 

Sec. 8. The said company shall have power to purchase, power to pur- 
holcl and convey land in this State to any amount not ex- rand. eanc G00vey 
ceeding twenty thousand acres at any one time. 

Sec. 9. That the railroad hereby authorized to be con- To be commen ced 
structed shall be commenced within one year, and com- finishedlnri"^ 
pleted within five years from the ratification of this act, or yeais ' 
this charter shall be forfeited. 

Sec. 10. That this act shall be deemed and taken to be A pU bii C act. 
a public act, and shall continue in force for the term of 
ninety-nine years from its ratification, and shall in no wise be 
subject to the provisions of the forty-first section of an act 



(40) 

entitled " An act to incorporate certain villages, societies 
and companies, and to renew and amend certain charters 
heretofore granted, and to establish the principles on which 
charters of incorporations will hereafter be granted," rati- 
fied the seventeenth day of December, A. D., one thousand 
eight hundred and forty-one. In the Senate and House the 
seventeenth day of September, A. D., one thousand eight 
hundred and sixty- eight. 

[Approved the list day of September, 1868.] 

The following act was ratified 18th of December, 1868 : 

AN ACT TO KE-ENACT AND CONFIRM CERTAIN ACTS OF THE GEN- 
ERAL ASSEMBLY, AUTHORIZING THE ISSUE OF STATE BONDS 
TO, AND FOR CERTAIN RAILROAD COMPANIES. 

Preamble. Whereas, Doubts have been raised as to the validity 

of bonds of the State issued to, and for certain railroad 
companies, under acts whose titles are hereinafter recited ; 
and Whereas, it is the purpose of this General Assembly 
to place the validity of such bonds beyond question, now 
therefore, 

Acts of August 17 Section 1. The General Assembly of North Carolina do 

and 19 re-enacted . ; . , 

and confirmed, enact, lhat an act entitled 'An Act to amend the char- 
ter of the Williamston and Tarboro Railroad Company," 
ratified the seventeeth day of August, A. D., eighteen 
hundred and sixty-eight, and an act entitled "An Act to 
amend the charter of the Western North Carolina Railroad 
Company," ratified the nineteeth day of August, A. D., 
eighteen hundred and sixty-eight, and all the provisions 
thereof be, and the same are hereby re-enacted, and in all 
things confirmed, and they are hereby constituted part of 
'this act ; and all bonds of the State heretofore made and 
issued to, and for the railroad companies, and for the 
purposes in said acts specified, and in pursuance of the 
same, are hereby ratified and made good to all intents. 



(41) 

and purposes, as if issued under, and in pursuance of the 
provisions of this act. 

Sec. 2. That on the surrender of any of the bonds StoftauenS?'" 
heretofore issued under and by virtue of any one of said bonds - 
acts, the Treasurer is hereby authorized and required to 
issue and substitute new bonds of the State, of like tenor 
and date, executed in like manner, and in all respects 
similar, for such bonds so surrendered, except that such 
new and substituted bonds shall be issued and purport 
to be issued under and by virtue of this act, and the 
bonds so surrendered shall be burnt' by the Treasurer in 
the presence of the Governor and Auditor, who shall 
cause to be made and sign a certificate, specifying the 
number and date of such bonds so burnt, and the acts 
under which the same were issued, and the Treasurer 
shall report such action and certificate to the General 
Assembly. 

Sec. 3. In order to provide for the payment of the in- a tax of one tinr- 

7 tieth of one per 

terest that may irom time to time accrue upon such bonds, cent, to be level 

. L annually to pay 

so issued under said acts, and the bonds to be issued and interest, 
so substituted under this act, there shall be annually 
levied and collected a special tax of one-thirtieth of one 
per cent, on the taxable property of the State, to pay the 
interest that has accrued, and may, from time to time, 
accrue on the bonds so issued, and so to be issued, to and 
for the said Williamston and Tarboro Railroad Com- 
pany, and a like special tax shall be annually levied and 
collected of one twentieth of one per cent, on all taxable a special tax to 

. be annually 

property ot the State, to pay the interest that has ac- 'eyiedofone 

r l J . . thirtieth of one 

crued and may from, time to time accrue on the bonds so p^terest' t0 im 
issued, and so to be issued to, and for, and on account of 
the said Western North Carolina Railroad Company. 

Sec. 4. The Public Treasurer is hereby directed, when- Public Treasurer 
ever the President of the Chatham Railroad Company scribe 12,000,00^, 

in 1 t fi -11 /'i payable ill thirty 

shall certify that the grading 01 the road between Cheraw, y^ars, 
6 



(42) 

in South Carolina, and the Gulf, or some other point on 
the Chatham Railroad, between Raleigh and the Gulf, 
has been let to contract, to subscribe to the capital stock 
of said company two million dollars in behalf of the 
State, which subscription shall be paid by delivering to 
the President of said company coupon bonds of the State, 
at par, of the denomination of one thousand dollars, dated 
October first, eighteen hundred and sixty-eight, and pay- 
able in thirty years thereafter, bearing six per cent, in- 
terest, piyable semi-annually, principal and interest pay- 
able in the City of New York, said bonds to be signed by 
the Governor, countersigned by the Treasurer, and sealed 
with the Great Seal of the State, and issued under the pro- 
Bond?, how visions of chapter ninety, Revised Code: Pro vided, That 

issued. ' 

said bonds shall only be issued on the surrender of a like 
amount of bonds of the State, heretofore issued under " An 
Act to amend the charter of the Chatham Railroad Com- 
pany," ratified fifteenth of August, eighteen hundred and 
sixty-eight. On which surrender the same amount of 
bonds delivered by said company to the State under the 
said act shall be cancelled. Said subscription shall be 
preferred stock, and pay a dividend of six per cent, 
before any dividend shall be declared on the other stock. 

interest provided Sec 5. In order to provide for the payment of the in- 
fur on Chatham . . 
Eaiiroad bonds, terest which may accrue on the bonds issued as above 

mentioned, there is hereby, and shall be annually, levied 

and collected, a special tax of one-twentieth of one per 

cent, on the taxable property of the State, collectable and 

payable into the Treasury as other public taxes. 

ofn>er?, by whom Sec. 6. In all meetings of stockholders of said com- 
pany the State shall, for and in behalf of its stock, be en- 
titled to a vote equal to one-third of that cast by individ- 
ual stockholders, and all the officers of said company 
shall be elected by the stockholders as heretofore. 

stock increased. Sec. 7. The capital stock of said Chatham Railrcad, 



(43) 

Company is hereby increased to three million two hun- 
dred thousand dollars. 

Sec. 8. This Act shall be in force from its ratification. 
[Ratified the 18th day of December, A. _D,, 1868.] 

A Special meeting of Stockholders held 19th of Jan- 
uary, 1869, accepted the above act of September 21st, 
1868, passed by the Legislature of South Carolina, and 
the act of 18th December, 1868, passed by the North Car- 
olina Legislature. 

The following act was ratified 10th of April, 1869 : 

AN ACT TO ENABLE THE CHATHAM RAILROAD COMPANY TO COM- 
PLETE ITS ROAD. 

Section 1. The General Asstmbty of North Carolina do Power to borrow 
enact, That for the purpose of supplying funds to enable bonds, 
the Chatham Railroad Company to complete and equip 
its road, the said company shall have power to borrow 
money by the issue of bonds or other evidences of debt, 
authenticated in such manner as the President and Direc- 
tors of said company may deem best, in sums not less 
than five hundred dollars, at a rate of interest not exceed- Eate of i nteres t. 
ing eight per cent., principal and interest payable at such 
time and place as said President and Directors may 
select, the bonds so issued not to exceed two millions of 
dollars. 

Sec. 2. To secure the payment of these bonds and Execute mortgage 
other evidences of debt issued as aforesaid, and the in- 
terest thereon, the said Chatham Railroad Company may 
execute and deliver mortgage deeds or deeds in trust, 
signed by the President and countersigned by the Secre- 
tary of said company, conveying its franchise and prop- 
erty, including its road-bed, superstructure, choses in ac- 
tion, and real and personal estate of whatever kind, to the 



(44 



holder of said bonds, or to such parties as said President 
and Directors may select in trust for them, and the deeds 
so executed and registered in the county of Wake shall 
have priority over any lien or other claim held by this 
State, on the subject matter so conveyed, it being the in- 
tent and meaning of this act that the State shall be in 
the position and have the rights of a second mortgage, sub- 
ordinate to the liens created by the mortgage or trust 
second mortgage, deeds aforesaid ; that before the said Chatham Railroad 
Company shall make or sell any portion of the first mort- 
gage bonds authorized by sections one and two of this 
act they shall deliver to the Public Treasurer a second 
mortgage upon all their estate, both real and personal, 
which they may now have, or may hereafter acquire, be- 
tween the city of Raleigh and the terminus of said rail- 
road to the South Carolina line at or near Cheraw, S. C, 
said second mortgage bonds to be in all other respects the 
same as the first mortgage bonds now held b} T the State, 
bearing the same interest and payable in the same man- 
ner; and the president of the said Chatham Railroad 
Company shall also deposit with the Public Treasurer the 
sum of one hundred and forty-four thousand dollars of 
first mortgage bonds, to be applied to the payment of the 
interest on the second mortgage bonds. 



Treasurer to de- 
posit. 



County may sub- 
scribe. 



Sec. 3. Any county along the line of the said Chatham 
Railroad may subscribe to the capital stock of the com- 
pany to such an amount as the majority of the commis- 
sioners of said county may determine, subject to the ap- 
proval of a majority of the qualified voters of the county ; 
And said commissioners, in order to pay the said sub- 
scription, shall have power to issue bonds or other evi- 
dences of debt at a rate of interest not to exceed eight per 
cent, per annum ; said bonds to be issued in such manner 
and form, payable at such time and place, and authenti- 
cated in such manner as they may determine. 



(45) 
Sec. 4. In order to pay the principal and interest of the special county tax 

1 _ J L L to pay interest. 

bonds issued as aforesaid, the commissioners of the county 
subscribing as above mentioned shall levy and collect 
annually in such manner as is directed by law in case of 
taxes for other county purposes a tax sufficient to pay the 
annual interest, and they may levy and collect a further 
tax to be used in extinguishment of the principal, or else 
to be invested as a sinking fund for the ultimate redemp- 
tion of the principal. 

Sec. 5. No subscription shall be made by the commis- No subscriptions 

made till question 

sioners of any county as above mentioned until the ques- submitted, 
tion of approval or disapproval of such subscription, the 
issue of bonds or other evidence of debt, and the author- 
ity to levy taxes to pay the interest and provide for pay- 
ment of the principal of the bonds shall be submitted to 
the qualified voters of the county, and shall be approved 
by a majority of thoae voting. The election shall be held 
at the usual places of voting. Thirty days' notice shall be 
given by advertisement in at least two newspapers pub- 
lished in the county, if there be any, at the court house 
door and at each of said election precincts. If there be Publication to be 
no newspapers published in the county, then the advertise- 
ment shall be published in some newspaper having, in the 
opinion of the commissioners, the widest circulation in the 
county. The advertisement shall contain a copy of this 
act, as well as the amount proposed to be subscribed by 
the commissioners and the amount of bonds or other evi- 
dences of debt proposed to be issued. Those approving 
the proposition shall deposit in the ballot-box ballots with 
the printed or written word "approved," those disapprov- 
ing the same shall deposit ballots with written or printed 
words " not approved," and if a majority of said voters 
shall vote "approved," they shall be deemed to ratify and 
approve the subscription and debt proposed to be made 
and the tax proposed to be levied. 

Sec. 6. The commissioners of any county proposing to commissioners to 
subscribe for stock as aforesaid, shall have authority to takemeasures ' 



(46) 

take all measures consistent with this act and the laws 
of the State for -registration of voters, holding the elec- 
tion and returns of the result of the same and if said sub- 
scription be approved they shall have power to take all 
measures proper for carrying the same into effect. 

Eeccivesubscrip- Sec. 7. The Chatham Railroad Company shall have 



lions 



power to receive subscriptions to its capital stock, payable 
in real or personal property at such valuation as may be 
agreed on between the company and the subscriber. It 
shall not be necessary for the wife to join her husband in 
the conveyance of any right of way or other interest in 
real estate of the husband, for any purpose, to said com- 
pany, in order to pass her right of dower, or other marital 
right therein. 

Sec. 8. The said company shall have power to take all 

Securities and <, ... -, \ r i ^ i ± , 

mortgages. such securities and mortgages ot real and personal estate, 

as it may deem proper to secure the faithful performance 
of contracts for the construction and repair of said road, 
and the buildings and other things incident thereto. 
[Ratified the 10th day of April, A. JD. 1869.] 

At the Annual Stockholders' meeting held 19th July, 
1869, the above act of April 10th, 1869, was accepted by 
the company. The next Annual Stockholders' meeting 
was held 18th July, 1870. 

The following act was ratified 1st of April, 1871. Such 
parts of it are given as may affect the Chatham Railroad 
Company : 

AN ACT TO INCORPORATE THE HAYWOOD AND CANE CREEK 
RAILROAD COMPANY. 

May iea«e fran i Sec. 9. Said company shall have authority at any time 
after its organization to arrange with any other railroad 
company or corporation, by lease or otherwise, for the 
use of the franchise and property of the same, upon such 



(47) 

terms as ma}' be agreed upon, and any such railroad or 
corporation shall have power to affect such arrangement. 

Section 10. It shall be lawful for the said Haywood issue bonds, 
and Cane Creek Railroad Company to issue bonds or other 
evidences of debt, at a rate of interest not exceeding the 
maximum allowed by law and to secure the payment of 
principal and interest, by mortgage or otherwise, and it 
shall be lawful for any other corporation to guarantee the 
payment of any of the bonds or other evidences of debt 
so issued. But it shall not be lawful for the Chatham Discriminations 

in frtight, &c. 

Railroad Company to discriminate in its freight or pas- 
senger tariffs against that portion of its road west of the 
Junction with said Haywood and Cane Creek Railroad, 
in any manner to effect such discrimination, but that all 
rates of freight per mile in said road from Haywood east, 
shall be the same as that passing over the said road west 
of said Junction. 

Sec. 11. The Chatham Railroad Company shall have Exchange of bonds 
power to guarantee the bonds of said Haywood and Cane KanVoao^&c" 1 
Creek Railroad Company or to exchange bonds with the 
same to an amount not exceeding sixty thousand dollars, 
taking a mortgage on the franchise property and effects 
said company to secure the principal and interest of the 
bonds so received by the said Chatham Railroad Com- 
pany; and the said Chatham Railroad Compan}' shall 
likewise have power to aid the building of a railroad from 
some point at or near Carthage to Asheboro ; in like man- 
ner and at the same extent as it ma} 7 , as above men- 
tioned, aid the building of the Haywood and Cane Creek 
Railroad. The proviso of section one of an act entitled Repealing clause. 
" an act to extend the Chatham Railroad," ratified third 
day of August, one thousand eight hundred and sixty- 
eight, and the second section of said act are hereby re- 
pealed, and all provisions requiring said Chatham Rail- 
road Company to have the Gulf as a terminus in the 
Deep River region, are likewise repealed. 



(48) 
conditions. ' Sec. 12. All amendments of the charter of the Chat- 

amendments to 

na^rKanroad a co. nam Railroad Company, made by this act, shall take ef- 
fect only upon the condition that the said Chatham Rail- 
road Company shall subscribe to the capital stock of the 
Haywood and Cane Creek Railroad Company the sum of 
one hundred and twenty-five thousand dollars, and pay 
the s£.me into the treasury of the said Haywood and 
Cane Creek Railroad Company, to be applied as speedily 
as possible to the construction of said railroad : And pro 
vided, That as many as four directory of said Haywood 
and Cane Creek Railroad Company shall be citizens of 
Chatham county, and stockholders in said compam T . 

Sec. 14. That this act shall be in force from its ratifica- 
tion. 

[Ratified the 1st day of April, A. D. 1871.] 

The Annual Stockholder's meeting was held 21st July, 

1871. 

The following act was ratified 13th December, 1871. 

AN ACT CONCEENING THE CHATHAM RAILROAD, AMEND- 
ATORY OF CERTAIN ACTS AND AUTHORIZING A CHANGE 
(>F NAME. 

Change of name. Section 1. The General Assembly of North Carolina do 
enact, That the Chatham Railroad Company shall here- 
after be known by the corporate name of the " Raleigh 
and Augusta Air Line Railroad Company." 

Extension of road Sec. 2. That it shall be lawful for the said railroad 
company to change the line of its road as heretofore pre- 
scribed, so as to extend it from its present terminus or 
such point on the line of the same as it may deem advis- 
able, to such point on the South Carolina line in the 
direction of Auguta, in the State of Georgia, as the said 
company may deem most eligible, and as much farther 
as may be authorized by the States of South Carolina and 



(4!)) 
Georgia, and to locate and construct such branch road or ?ri v,1 «*5°I 

° > _■ branch roads. 

roads, not exceeding in length, from the line of said rail- 
road as may be authorized from time to time by the 
stockholders, and in building and the use of such branch 
railroads the said company shall have all the rights, 
privileges and immunities granted to it by tho act to in- 
corporate the Chatham Railroad Company, and other 
acts amendatory and supplementary to the same and of 
this act. 

Sec. 3. If the capital stock of the said company now in^um ientfun^s 

., • t i it i i i • nc • i c ii to be increased by 

authorized shall be deemed insufficient tor the purposes additional shares, 
of this act it shall and may be lawful for the company in 
general meeting from time to time to increase the same 
by the addition of as many shares as they may deem re- 
quisite, and the board of directors, with the consent of a 
majority of the votes of all the stockholders in general 
meeting, may make such portion of the capital stock al- 
ready authorized, or of any additions to the same, as they 
may deem advisable, a guaranteed or preferred stock, 
upon which guaranteed or preferred stock such interest 
or dividends may be guaranteed as the directors may 
deem advisable ; and the directors may, with the consent 
of a majority of the votes of all the stockholders in gen- Mortgage upon 

i ~<.'~ i l i • l t ■ property author- 

era I meeting, secure such guaranteed interest or dm- f z a. 

dends by liens or mortgages upon all the property and 
franchise and income of the company, or upon any por- 
tion thereof, and the directors may, in their discretion, 
authorize subscriptions to be received for such additional 
stock, (either common or guaranteed, or both,) at such 
prices and in such manner as may be prescribed by them, 
and may sell the same or any part thereof for the benefit 
of the company : Provided, That the entire capital stock p ro v:so, 
so created shall not exceed five millions of dollars And 
the said board of directors, with the consent of a majority 
of the votes of all the stockholders, shall have power to 
borrow money for the purposes of the railroad authorized 
by this act ; and for loans made by them to issue bonds 
7 



(50) 

with or without the privilege of conversion into stock in 
such amounts, and payable at such times and places, and 
at such rates of interest, as they may determine, and to 
pledge the property and franchises and income of the 
company, or any portion thereof, by mortgage or other- 
wise for the payment of the principal of the same and the 
interest that may accrue thereon. 

Companies of air- Sec. 4. Authority is herebv given to the Raleigh and 

ferent roads can _ " ' ~ 

subscibeto or Gaston Railroad Company, or anv other railroad compa- 

purchase ^tock. . . ° ■* 

ny connecting therewith, to subscribe to or purchase 
stock of any kind o.f the said Raleigh and Augusta Air- 
Line Railroad Company, and in order to enable them to 
make such subscription or purchase, it shall be lawful 
to J be^sfued° ndS f° r an } T SUCD company to issue mortgage bonds for such 
amount and of such form, and of such rate of interest as 
it may deem advisable; and it shall be lawful for any 
such company to purchase or endorse the mortgage bonds 
of the Raleigh and Augusta Air-Line Railroad Com- 
pany. 

Bonds to be dis- Sec. 5. The said Raleigh and Augusta Air Line Rail- 

charged byf Ublic b b 

Treasuier. r0 ad Company may, at any time hereafter, discharge the 

bonds of Chatham Railroad Company, deposited with 
the Public Treasurer, in the same manner and not other- 
wise as the said Chatham Railroad Company is now au- 
thorized by law to do, and the Public Treasurer is hereby 
directed to return to the said Raleigh and Augusta Air- 
Line Railroad Company the said bonds of said Chatham 
Railroad Company on payment in the manner above pre- 
scribed, until the whole amount of said bonds of the 
Chatham Railroad Company, held by the state, shall 
have been surrendered. 

conflicting acis Sec. 0. All acts and parts of acts heretofore passed, in- 

consistent with this act, are hereby repealed. 

when act to i»e Sec. 7. This act shall be in force from and after its rat- 

ification. 

[Ratified the 13/// day of December, A. D. 187 1.] 



in force. 



(61) 

Special meeting of Stockholders held 9th January, 1872, 
accepted above act. Annual meeting was held 19th July, 
1872, and an Adjourned meeting was held 4th October, 
1872. 

Regular Annual Stockholders' meeting was held 18th 
July, 1873. 

The following act amendatory of the act of April 1st, 
1871, to incorporate the Haywood and Cane Creek Rail- 
road was ratified 7th February, 1874. So much of it is 
given as has a bearing on the Raleigh and Augusta Rail- 
road : 

AN ACT TO AMEND AN ACT TO INCORPORATE THE HAYWOOD 
AND CANE CREEK RAILROAD COMPANY. 

Section 1. The General Assembly of North Carolina do Amendments. 
enact, That an act to incorporate the Haywood and Cane 
Creek Railroad Company, ratified the first day of April, 
Anno Domini one thousand eight hundred and seventy- 
one, be amended as follows, to-wit : Amend section one 

so that it shall read as follows : * * * * * 
* * * * * * * * * * 

Sec. 2. That section second of said act be amended so 
as to read as follows :****** 

********* * # 

Sections. In section five, after the word " railroad," Amendment to 
in line nine, insert "and turnpike or turnpikes." In 
section six, first line, strike out " or " and insert " and." 
In sections eight and ten, strike out " Haywood and Cane Amendment to 

- ° J section* 8 and 10. 

Creek Railroad Company, ' and insert " Chatham Rail- 
road and Turnpike Company." In section ten, strike out strike out n and 
all after the word " issued," in line seven. In section 
thirteen, lines two and three, afterword "road," insert 
" or turnpike or turnpikes." 

[Ratified the 7th day of February, A. D. 1874.] 

Annual Stockholders' meeting was held 17th July, 1874, 



(52) 

The following act, ratified 22d March, 1875, was better 
known in the controversies of the times as "House bill 
422," is given as bearing on the right of the Raleigh and 
Augusta Air-Line Railroad to pay off its indebtedness to 
the State b} 7 provisions of the ordinance of March 11th, 
1868: 

AN ACT EXPLANATORY OF CERTAIN ACTS AND TO ENABLE PAR- 
TIES HOLDING BONDS OF THE STATE ISSUED FOR INTERNAL 
IMPROVEMENTS UNDER ACTS PASSED PRIOR TO THE WAR, TO 
SELL THE SAME. 

Preamble. Whereas, Under an ordinance of Convention, rati- 

fied March eleventh, one thousand eight hundred and 
sixty-eight, and an act of Assembly, ratified the thirteenth 
of December, one thousand eight hundred and sevent} 7 - 
one, the Raleigh and Augusta Air-Line Railroad Com- 
pany is authorized to pay off $1,200,000 of its second 
mortgage bonds held by the State Treasurer with any 
bonds or other indebtedness of the State; and whereas, 
the Public Treasurer expresses a doubt whether under 
the construction of said act he is authorized to receive 
bonds issued during the war for internal improvement 
purposes, but under acts passed prior to the war; and 
whereas, farther, said bonds were issued to and are now 
held almost exclusively by citizens of this State, and the 
same have been recognized as valid by the authorities of 
the State ; now, therefore, 

intent and mean- Section 1. The General Assembly of North Carolina do 
enact, That it was the true intent and meaningof the ordi- 
nance and act above referred to, to authorize and empower 
the Public Treasurer to receive any of the aforesaid in- 
ternal improvement bonds in execution of the provisions 
of said act and ordinance. 

Pubr.c Treasurer. Sec. 2. The Public Treasurer be and he is hereby au- 
thorized, empowered and directed to receive any of the 
internal improvement bonds for the State of North Car- 



(53) 

olina hereinbefore described, which may hereafter be ten- 
dered under the provisions of said act and ordinance in 
execution of the same. 

Sec. 3. This act shall be in force on and after its ratifi- 
cation. 

[Ratified the 22d day of March, 1875.] 

Annual Stockholders' meetings were held 16th July, 
1875, and 24th July, 1876. A Special meeting of Stock- 
holders' was held April 6th, 1877, which ordered execu- 
tion of mortgage to secure $1,000,000 guaranteed stock 
held by the Raleigh and Gaston Railroad Company. 

The following agieement was signed 25th Nov., 1862: 

ARTICLES OF AGREEMENT AND COVENANT BETWEEN THE 
NORTH CAROLINA RAILROAD COMPANY, OF THE ONE PART 
AND THE CHATHAM RAILROAD COMPANY, OF THE OTHER 
PART, MADE AND ENTERED INTO AFTER CONFERENCE AND 
DELIBERATION, IN CONSIDERATION OF MUTUAL BENEFIT AND 
ADVANTAGE TO BE DERIVED THEREFROM. 



1. The Chatham Railroad Company agrees and cove- Track io be from 
nants with the North Carolina Railroad Company that 

their road from the Coalfields to Raleigh, shall run from 
the southwestern terminus to the North Carolina Rail- 
road at or near a place called Cary, (sometimes called 
" Page's,") about eight miles westward of the City of 
Raleigh, and from thence to the depot of the North Car- 
olina Railroad Company at Raleigh, or to some point 
near thereto in the manner hereinafter set forth. 

2. The North Carolina Railroad Company agrees to Chatham r. r. to 
permit and allow the Chatham Railroad Company to N av c ri R ht R. r at s 
continue their road across the said North Carolina Rail- aly ' 

road, at or near Cary, and thence down and along the 
Northern side of the North Carolina Railroad, and upon 



(oi) 



&c 



the land heretofore set apart for the same, to such point 
near the depot at Raleigh as aforesaid ; and for this pur- 
pose do agree to allow, and do hereby permit the said 
KaVdir*Mton£ Cnatham Railroad Company for the better establishing 
and repairing their Roadbed, the right to take and use 
any material, either of dirt or stone, which may be on 
either side of the North Carolina Railroad, between Carey 
and Raleigh, and situate on the lands of the company: 
Provided, The removal of such material shall not impair 
the stability, safety or convenience of the North Carolina 
Railroad. 



Proviso. 



Chatham Rail- 
road obligates to 
build track from 
Kaleigh to Gary. 



Culverts. 



Proviso. 



3. The Chatham Railroad Company do hereby cove 
nant with the North Carolina Railroad Company that 
they will establish their Road along said route from 
Cary towards Raleigh ; that they will extend through 
their Roadbed, all the culverts now established, where 
such extension maybe necessary' or required by the North 
Carolina Railroad Company, and also all other culverts 
which may be hereafter established for that road, along 
such part thereof as may lie by 7 the side of said Chatham 
Railroad bed ; that the culverts so extended shall be at 
least as large as those already built, and on the same 
level, and if by reason of the additional length of any ex- 
tended culvert the added part ought to be larger than 
the original, in order to allow of the free and speedy 
passage of the water, the same shall be duly and properly 
enlarged ; and provided, farther, that nothing in this or 
any other article shall be so construed as to prohibit the 
North Carolina Railroad Company from taking and 
using any material of earth, wood or stone, which may 
be on the north side of the Chatham Railroad, the taking 
whereof shall not impair the stability, safety or necessary 
convenience of the Chatham Railroad Company. 



Chatham U.K. 4. The Chatham Railroad Company do further cove- 

fromN.c. k. b. nant that the rail line of their road nearest the North 

Carolina Railroad shall not be nearer than eight feet to 



(55) 

the nearest rail line of the North Carolina Railroad, and 
that, wherever the same may be needed, a good and suffi- 
cient drain shall be opened by the said Chatham Railroad 
Company between the two roads, which, after being so 
opened and established, shall thereafter be kept open at 
the joint expense of the two companies. 

5. The Chatham Railroad Company do covenant that Chatham b. e. to 

1 * construct clep.'t 

they will establish at Cary a commodious depot, sum- at cary.cpnyc- 

J J 1 _ nient to N. C. 

ciently large for the deposit of coal and iron which may KR - Co - 
be brought on the said Chatham Railroad, to be carried 
thence forward on the North Carolina Railroad, and that 
said depot shall be located conveniently for such transpor- 
tation. And moreover, that they will by means of suita- 
ble switches, established at Cary and at Raleigh, where switcher, 
the Chatham Railroad shall diverge from the North Caro- 
lina Railroad, so connect the two roads together that load- 
ed cars may pass from said Chatham Railroad to and upon 
and along the North Carolina Railroad. 

G. The Chatham Railroad Company do further cov- Drains, 
enant that where in consequence of widening an em- 
bankment for the additional Roadbed, a drain between 
the Roads shall become necessary, the space between 
them shall be made compact and firm, so that the earth 
shall not be caused to settle, by reason of the reception or 
flow of water in and along such drain. 

And it is mutually stipulated and covenanted each of covenant against 

•Tii p ii ttti -i -i hindrances by 

said companies with the other, as follows: While said either company, 
roadbed is building neither company shall hinder, ob- 
struct or delay the business of the other, nor at any time 
thereafter shall this be done unless the same be unavoid- 
able. 

Neither of said companies shall at any time take or use 
any dirt, or stone, or other material, from any part of the 
land adjacent or near to the roadbeds whereby shall be 



(56) 



impaired the stability, safety or convenience of the other 
company, although but Ur such impairing it would be 
lawful to do so. 



Pro 



i racks to be op?n. 



Engiars ami cars Neither com paiiy shall allow their engines or cars to 

not 10 stand on , i , 

track at cary. remain on the track where the roads cross each other, so 
as to impede, endanger or delay the passage of other en- 
gines or cars: Provided, hoioever, That in all cases where 
there may be any meeting, or danger of the meeting, of the 
engines or trains of the two companies, those of the Chat- 
■o iaoas topre- ham Company shall give precedence to the others and 

deuce of trains, l . . 

allow them first to pas.--, provided they are on time, by an 
adopted schedule previously communicated to said Chat- 
ham Railroad Company at least one week before. The 
Si ac° Wweui space between the two roads shall remain open and un- 
occupied, otherwise than by the ends of the ties, which 
shall be only of the proper length in order to allow need- 
ful drains and free passages of the cars and persons walk- 
ing between them. Where an expense may be incurred 
by reason of the passing of County Roads over said 
tracks, each company shall bear the expense incident to 
their several tracks, and all expense incurred by reason 
of the intermediate space shall in such case of the pass- 
ing of County Roads, be borne equally by each company. 
Wherever the North Carolina Railroad Company is now 
bound to maintain any bridge, or any part of any bridge, 
erected across the road, the cost of any alteration thereof, 
made necessary by reason of the new track, shall be borne 
by the Chatham Railroad Company for the first altera- 
tion, and afterwards the charge of maintaining such 
bridge, or such part thereof, as may be devolved upon 
both companies, shall be equally and jointly borne by 
both companies. The intent and meaning of this cove- 
nant is, that whenever the two tracks shall be finished, 
each company shall control its own, as if the other was 
miles away, and if, for mutual convenience, they be 
worked together as a common double track, they shall 



Bridge?, &c. 



Each company to 
control its own 
tiack. 



(57) 

then be run upon a printed schedule, agreed upon and 
signed by the Superintendents of both, and published at 
least ten days before putting it in operation. 

In testimomy whereop, Thomas Webb, President of 
the North Carolina Railroad Company, and Kemp 
P. Battle, President of the Chatham Railroad Com- 
pany, have signed the names of said companies, and 
caused the corporate seal of the same to be affixed, 
November 25th, 1862. 

q. if North Carolina Railroad Company, 
signed | By TH0] y IA g WEBB> p RES i D E NT> 

Q . , j The Chatham Railroad Company, 
^gned | By KEMP p. BATTLE, President. 

Attested: 

a . , | J. II. BRYAN, Jr. 
Sl S ned j Secy, N C R JR. Co. 



The following Ordinance of Convention was ratified 
15th March, 18G8: 

AN ORDINANCE IN RELATION TO THE CAPE FEAR AND DEEP 
RIVER NAVIGATION WORKS. 

Whereas, The Cape Fear and Deep River Navigation 
Works are in a ruinous condition and in their present con- 
dition utterly worthless to the State and highly injurious 
to the interests of the people residing in the valleys of 
said rivers : and whereas, it is expedient that said works 
shall be made available in developing the resources of 
said valleys: 

Section 1. Now therefore be it ordained by the people of 

»-r i /-/ 7. • ■ 77 7 mi p 7, Interest of the 

JSortn Carolina in Convention assembled,, lhat for the pur- state in works 

. transferred to 

pose of aiding the Chatham Railroad Company in [the] Chatham k. r. 
transportation of stone for building their bridges, culverts 
and other masonry and for the carriage of materials and 
supplies to points needed, the interest of the State of 
North Carolina in said Cape Fear and Deep River Navi- 



(58) 

gation Works from the Gulf Dam, on Deep river, to 
Northing Dam, op Cape Fear River, both exclusive, is 
hereby transferred to the said' Chatham Railroad Com- 
pany, with liberty to said company to repair, use and 
' make avail of said portion of said works, and all fran- 
chises and privileges appurtenant thereto, to the same 
extent as is possessed by the State. 

recTJra hate d D; " Sec * 2 ' ^ e it f urt ^ er ordained, That the President and 

and!ss°gmS frr Directors of the Chatham Railroad Company shall have 

power to transfer and assign said interests herein conveyed 

and transferred, or any portion thereof, for the purpose 

of improving the valleys of said rivers. 

Sec. 3. Be it farther ordained, That this ordinance shall 
be in force from its passage. 

[Ratified the 15th day of March, A. £>., 1868.] 

The following Act was ratified 1st of March, 1873 : 

AX ACT TO REGULATE MORTGAGES BY CORPORATIONS. AND SALES 
UNDER THE SAME 

saips nnder deeds Section 1. The General Assembly of North Carolina do 
enact, That if a sale be made under a deed of trustor 
mortgage, executed by any company on all its works and 
property, and there be a conveyance pursuant thereto, 
such sale and conveyance shall pass to the purchaser at 
the sale not only the works and property of the company 
as they were at the time of making the deed of trust or 
mortgage, but any works which the company may, after 
that time and before the sale, have constructed, and all 
other property of which it may be possessed at the time 
of the sale, other than debts due to it. Upon such con- 
veyance to the purchaser, the said company shall, ipso 
facto, be dissolved, and the said purchaser shall forthwith 
be a corporation, by any name which may be set forth in 
the said conveyance, or in any writing signed by him 



r59) 

and recorded in the same manner in which the convey- 
ance shall be recorded. 

Sec. 2. The corporation created by or in consequence corporation cre- 

c -, t -, in i , n i ated by sal« shall 

oi such sale and conveyance snail succeed to all such succeed to rights, 
franchises, rights and privileges, and perform all such 
duties as would have been had or should have been per- 
formed by the first company but for such sale and con- 
veyance, save only that the corporation so created shall 
not be entitled to the debts due to the first company, and 
shall not be liable for any debts of, or claims against, the 
said first company which may not be expressly assumed 
in the contract of purchase ; and that the whole profits of 
the business done by such corporations shall belong to the 
said purchaser and his assigns. His interest in the cor- 
poration shall be personal estate, and he or his assigns 
may create so many shares of stock therein as he or they 
may think proper, not exceeding together the amount of 
stock in the first company at the time of the sale, and as- 
sign the same in a book to be kept for that purpose. The 
said shares shall thereupon be on the footing of shares in 
joint stock companies generally, except only that the first 
meeting of the stockholders shall be held on such day 
and at such place as shall be fixed by the said purchaser, 
of which notice shall be published for two weeks in a 
newspaper. 

Sec. 3. When such corporation shall expire or be dis- Expiration of cor- 
solved, or its corporate rights and privileges shall have poiatlon ' &c * 
ceased, all its works and property and debts due to it shall 
be subject to the payment of debts due by it, and then to 
distribution among the members according to their re- 
spective interests ; and such corporation may sue and be 
sued as before for the purpose of collecting debts due to it 
prosecuting rights under previous contracts with it, and 
enforcing its liabilities and distributing the proceeds of 
its works, property and debts among those entitled thereto: 
Provided, That all debts and contract of any corporation proviso,. 



(60) 

prior to or at the time of the execution of any mortgage 
or deed of trust by -such corporation, shall have a first lien 
upon the property, rights and franchises of said corpo- 
ration, and shall be paid off or secured before such mort- 
gage or deed of trust shall be registered. 

Extent of this act. ,Sec. 4. The provisions of this actshall notapply to any 
company in which the State of North Carolina has any 
interest. 

When to be in Sec. 5. This act shall be in force from and after its rat- 

force. 

ification. 

[Ratified the 1st day of March, 1873.] 

A CONDENSED HISTORY OF THE RALEIGH AND AUGUSTA AIR 
LINE RAILROAD. 

There is no evidence whether the act of 14th of Feb- 
ruary, 1855, was ever accepted or not. The commission- 
ers appointed under the act of 15th of February, 1861, 
chartering the Chatham Railroad Company held their 
first meeting in Raleigh, April 3rd, 1861, at the office of 
S. H. Rogers. T. D. Hogg was elected President of the 
Board of Commissioners and K. P. Battle Secretary. The 
second meeting of commissioners was held in Raleigh 
on 2nd of April, 1862, when a meeting of stockholders 
was called and held at same place 16th of April, 1862. 
At this meeting of stockholders the company organized, 
adopted its by-laws and elected K. P. Battle President 
and five Directors. W. AY. Vass was subsequently elected 
by the Board of Directors Secretary and Treasurer which 
position he has continuously held down to the present 
time. Mr. Battle served as President until his resigna- 
tion 1st of February, 1866. 

The Board of Directors at their meeting August 5, 1862, 
authorized a contract with N. C, Railroad in regard to 
right of way between Raleigh and Cary, a copy of which 
contract was read to the Board at their meeting 4th of No- 



(61) 

Vember, 18G2, and approved. A special stockholders' 
meeting held 3rd March, 1863, unanimously accepted 
the amendments to the charter. 

At the second annual meeting of stockholders 16th of 
April 1863, the number of Directors was increased to sev- 
en who were to elect'the president and the fiscal year was 
ordered to end 31st of December and annual meeting to 
be held first Thursday in March. 

At a meeting of Directors on 11th of March 1865, the 
President was directed to subscribe $25,000 to the capi- 
tal stock of the Deep River Navigation Company. At 
same meeting it was reported that the N. C. Railroad 
had subscribed for 2,000 shares payable in Confederate 
bonds which was accepted. 

A special meeting of stockholders was held 1st of Feb- 
ruary, 1866, to consider propriety of scaling the capital 
stock. 

A committe appointed by the meeting consisting of 
K. P. Battle, Hon. Nat Boy den, W. H. Harrison, Dr, W. 
J. Hawkins and Robt. W. Lassiter reported that the value 
of the railroad and its property was $200,000 and recom- 
mended that the stock be scaled by dividing by 4J, the 
quotient to be the future amount of the present capital 
and the shares of each stockholder to be scaled in that 
proportion. The report of the committee was unani- 
mously adopted with the exception of the vote upon the 
stock held by the city of Raleigh. At a directors' meet- 
ing held the same day, Hon. K. P. Battle resigned as 
President of the Company because of its incompatibility 
with his position as Public Treasurer and Gen. W. R. 
Cox was chosen to succeed him and continued as Presi- 
dent untilJuly 1868. The president was requested to 
petition the Legislature to ratify the reduction of the cap- 
ital stock and to change the bonds held by the company 
so as to make them payable in federal instead of confed- 
erate currency. 

At an adjourned meeting of stockholders held 26th of 
July, 1866, the resolution to scale the capital stock was. 



(62) 

rescinded. It was also ordered that the fiscal year should 
thereafter end 31st of May and the annual meeting should 
be held on 3rd Monday in July each year. At a meeting 
of the private stockholders held the same day Jno. M. 
More-head, H. A. Williard and J. M. Heck, were ap- 
pointed a committee to confer with like committees to be 
appointed by the Raleigh and Gaston Railroad Company, 
the North Carolina Railroad Company and the city of 
Raleigh in regard to the value of the stock of the several 
stockholders and the propriety of a sale and an equitable 
division of proceeds. 

The joint meeting of these committees was held 28th of 
November, 1866, in Raleigh. It was resolved. 

1. That the Chatham Railroad Company should surren- 
der to the city of Raleigh $31,000 of state bonds paid by 
said city of Raleigh and cancel her subscription to the rail- 
road to that extent the city ratifying the rest of her sub- 
scription. 

2. Authorizing application to Legislature for authori- 
ty to sell the road. 

At director's meeting 13th March, 1868, a letter from 
Heck & Co., was read proposing to obtain an act from 
the Convention transferring the property of the Cape 
Fear and Deep River Navigation Company to the Chat- 
ham Railroad Company upon condition that the said 
company should re-transfer the same to Heck & Co., upon 
certain terms as to carrying stone for the company's 
bridge at Haw river and in regard to transportation of 
freight. The proposition was accepted by the board. 

A special meeting of stockholders was held April 
4th 186S at which meeting Gen. W. R. Cox had read to the 
meeting, the act of the convention of March 11th, 1868, 
and on his motion it was unanimousl} 7 adopted. 

Hon. K. P. Battle introduced a resolution to accept the 
act of the convention of March 16th 1868, transferring to 
the Chatham Railroad Company the Cape Fear and 
Deep River Navigation "Works, which was adopted. 

On motion of Thomas Webb the stockholders adopted 



(63) 

a resolution allowing the Board of Directors to transfer the 
the said Cape Fear and Deep River Navigation Works 
to Heck & Co., if they should deem it advisable. 

On motion of Dr. W. J. Hawkins a committee 
was appointed to report the value of each share in 
gold, discarding all fractions of shares and giving 
each stockholder at least one share. The committee 
subsequently made a detailed report to the meeting 
which was adopted. The capital stock was fixed at 
8,763 shares of $100 each making $873,600. At the an- 
nual meeting 20 July 1868 the President and Directors 
were instructed to execute the mortgage to the State re- 
quired by the ordinance of the convention of March 11th 
1868, and to receive from the Public Treasurer the 
$1,200,000 state bonds thereby authorized. At the Direc- 
tors meeting Dr. W. J. Hawkins was unanimously elected 
President, which position he filled by successive re-elec- 
tions till his resignation, October 3rd, 1875. 

At a special meeting of stockholders held 4th of Sep- 
tember, 1868, the act of the Legislature ratified 3rd of Au- 
gust, 1869, entitled "an Act to extend the Chatham rail- 
road" and an act ratified loth of August, 1868, entitled 
"an act to amend the charter of the Chatham Railroad 
Company," were both unanimousl} 7 accepted, and on mo- 
tion of Geo W. Mordecai Esq., it was unanimously re- 
solved that the President and Directors be instructed to 
prepare and execute the $2,000,000 mortgage authorized 
by the last named act and receive said amount of State 
bonds from the Public Treasurer. 

At a called meeting of stockholders held 10th of Jan- 
uary, 1869, the act of the South Carolina Legislature en- 
titled "an act to enable the Chatham Railroad Company 
to extend their road to Columbia," ratified 19th of Sep- 
tember, 1868, and the act of the North Carolina Legisla- 
ture entitled an "Act to re-enact and confirm certain acts 
of the General Assembly authorizing the issue of State 
bonds to and for certain Railroad Companies" were both 
on motion of K. P. Battle, unanimously adopted, 



(64) 

On 6th July, 1869, the Board of Directors executed a 
contract with Jno. F. Pickrell & Co. to finish the first 
thirty miles of the road, including purchase of iron for 
the same, and excepting bridge over Haw river. 

At the annual meeting 19th July, 1869, the stock- 
holders accepted the act of the General Assembly ratified 
10th April, 1869, entitled an "act to enable the Chatham 
Railroad Company to complete its road," and atuhorized 
the execution of mortgage and the issue of $2,000,000 of 
mortgage bonds. 

At Directors' meeting, January 6, 1870, A. B. Andrews 
was elected Superintendent, which position he filled till 
his resignation, November 1, 1875. 

At the adjourned stockholder's meeting 22nd July, 1870, 
the day of the annual meeting was changed so as to 
thereafter fall on the Friday after the 3rd Thursday in 

July in each year. 

At a special meeting of stockholders, held January 9, 
1872, the act of the General Assembly, ratified 13th 
December, 1871, entitled "an act concerning the Chat- 
ham Railroad Company, amendatory of certain acts and 
authorizing a change of name," was accepted by the 
stockholders as a part of the charter, and thereupon the 
name of the Company was changed to 

THE RALEIGH AND AUGUSTA AIR-LINE RAILROAD COMPANY. 

At Directors' meeting, April 16, 1872, it was ordered 
that the Treasurer of the Company purchase State bonds, 
and with them take up the $1,200,000 of the mortgage 
bonds of the road held by the Public Treasurer as au- 
thorized by the Ordinance of Convention 11th March, 
1868. A letter was read from J. B. Batchelor, one of the 
Directors, dated 9th April, 1872, stating that he had seen 
the Public Treasurer, who agreed to accept any constitu- 
tional bond, old or new, but would not accept special tax 
bonds. Mr. Batchelor stated that he considered that the 
State was bound to receive special tax bonds if tendered, 



(65) 

and advised suit to be brought to enforce ihe right. He 
said that Hon. K. P. Battle, (former President of the 
road and also formerly Public Treasurer,) concurred in 
the advisability of bringing the suit. 

At an adjourned meeting of stockholders, held October 
4, 1872, the President and Directors were authorized to 
receive subscriptions to the capital to an amount which, 
together with that already subscribed, shall not exceed 
$3,200,000. Of the additional stock so authorized 12,000 
shares were to be guaranteed stock, paying eight per cent 
dividend per annum, payable semi-annually on 1st Jan- 
uary and 1st July in each year, and a mortgage was au- 
thorized to secure said guarantee. 

At a Director's meeting held April 23, 1873, the Pres- 
ident reported that the Raleigh & Gaston Railroad had 
subscribed for $1,000,000 of the guaranteed stock au- 
thorized by the last stockholders meeting, which subscrip- 
tion was accepted. 

At a Directors' meeting held May 23, 1873, the new 
seal of the Company was exhibited and adopted and new 
certificates of stock were ordered to be issued in place of 
the " Chatham Railroad " certificates of stock. 

At stockholders meeting held 18th July, 1873, it was 
resolved that the $2,000,000 mortgage authorized and ex- 
ecuted under the act of August 15, 1868 be cancelled, the 
$2,000,000 of State bonds having been returned to the 
State. 

At a Directors' meeting May 13, 1874, the purchase of 
1,725 shares of Raleigh and Gaston Railroad stock was 
directed, which purchase was subsequently approved by 
stockholder's meeting 16th July, 1875. 

On June 30,1875, the Board of Directors issued an ad- 
dress to the public concerning the exchange of bonds 
with the Public Treasurer under the provisions of Or- 
dinance of Convention of March 11th, 1868, and in re- 
gard to the act of March 22d, 1875, entitled " An Act 
explanatory of certain Acts, and to enable parties hold- 
* 9 . 



(66) 

ing bonds of the State issued for internal improvements 
under Acts passed pjior to the war to sell the ! sairi / e.'" J ' L ' ; ' b 

At Directors meeting held September lst/l'S-TSfBr.'W'r 
J. Hawkins' tendered his resignation as President' ;; of 'the 
Company to take effect September 30th. -;•/■■ vu 

At Directors meeting September 29th, 1875, Major 
Gag, WV Grice was elected President. On October 20th, 
Capt. A. B.' Andrews' having resigned as Superintendent'; 
Major Jno. C. Winder was unanimously elected by the 
Board to succeed, which position he has continued to fill 
till the present. 

Major Geo. W. Grice, the President of the Company', 
died suddenly November 12th, 1875, while on a visitto 
his former home in Portsmouth, Va. At a Directors 
meeting held November 21th, 1875, Jno. M. Robinson, 
Esq., was elected President of the Company. At the' 
same meeting all resolutions authorizing an issue of 
mortgage bonds under the act of April 20th, 1869, were' 
rescinded and the trustees requested to cancel the said 
mortgage and mortgage bonds, which was done as per 
report of trustees and Committee of Directors of January 
28th, 1876. At a Directors meeting held April 6th, 1877, 
the President reported that the re-exchange of the 
$1,200,000 of bonds with the State under provisions of 
ordinance of March 11th, 1868, had been fully completed 
and the bonds of the company re-surrendered were then 
cancelled. 

At a special meeting of stockholders held 6th of April 
1877, it was directed that a mortgage be executed on all 
the property of the Road to secure the guaranteed stock 
of the road. At a Directors meeting held the 7th' of 
April, 1877, the above mortgage Was duly prepared and 
executed, Charles' M. RobinSOii of New York, Charles C. 
Savage of Philadelphia and J mi -W. Graham of Hillsborb 
being appointed trustees. '■■ !,i " 

At the stockholders meeting held 20th July, 1877, the 
day of the annual meeting was changed to the 3rd Thurs- 
day in July each year. ; ■ 



(67) 
Resolution of the Boar.d. of Directors, April G, 1877. 

: . 1 i - , . ■' 

. . The President reported to the Board that he had de- 
livered to the Treasurer : of the State $300,000 of State 
bonds and taken up from the Treasurer the like amount 
of bonds of this company deposited with the Treasurer 
-in exchange for State, bonds issued to. this company thus 
completing the payment .of, $1,200,000 of bonds of this 
company delivered to -the, Treasurer: under provisions of 
an ordinance entitled," An, ordinance to amend the char- 
ter of the CliBtham Railroad Compan}!," ratified March 
.11th, 1808, and th,at the said, bonds. (300„000 would now 
.be cancelled in the presenceof the Board, the other 
bonds ($900,000) havingbeen heretofore cancelled, which 
was accordingly done. ,-][, ;n , >v 

THE MORTGAGE INDEBTEDNESS OF THE RALEIGH AND AUGUSTA 
):>'■ •; : . . ; AIR LINE RAILROAD. , 

'The only indebtedness of the Raleigh and Augusta 
AiVkine Railroad Company at this date (August 1st. 
1877;) is the mortgage of $1,000,000 authorized as will be 
seen below, to secure dividends of $1,000,000 guaranteed 
stock. '.':■' 

! Copy of Resolutions of the Stockholders of , the Raleigh $ Au- 
gusta Railroad Company,' refrred to the deed hereto an- 
.. nexed, adopted at a special Stockholders' Meeting held April 
. &h, 1877, by a vote of 15,454 shares in the affirmative and 
153 shares in the negative. ■. 

., ^Viifreas, The General Assembly uf North Carolina, 
by an a^ct entitled. " An, act concerning the Chatham 
Railroad Company,, amendatory of certain acts, and 
authorizing a change, of name," which act was ratified 
on the ,13th day of f DecembeJ , ,„187.1, and accepted by the 
stockholders of the Chatham Railroad Company on the 
9th day of January, 1872, did in the first section thereof 



(68) 

enact that the Chatham Railroad Company should there- 
after be known by the corporate name of the Raleigh & 
Augusta Air Line' Railroad Company, and did, in the 
second section of said act, make it lawful for said railroad 
company to change the line of its road so as to extend it 
as provided in that section, and did, in the third section 
of said act, enact that if the capital stock of said com- 
pany, before authorized, should be deemed insufficient 
for the purposes of said act, it should be lawful for said 
company in general meeting to increase the same, and 
the Board of Directors, with the consent of a majority of 
the votes of all the stockholders in general meeting, 
might make such portion of the capital stock before 
authorized, or of any additions to the same, as they 
might deem advisable, a guaranteed or preferred stock, 
upon which such interest or dividends might be guaran- 
teed as the directors might deem advisable ; and the 
directors might, with the consent of a majority of all the 
stockholders in general meeting, secure such guaranteed 
interest or dividends, by lien or mortgage upon all the 
property and franchises and income of the company, or 
upon any portion thereof; and the directors might in 
their discretion authorize subscriptions to be made for 
such additional stock, (either common or guaranteed, or 
both,) at such prices and in such manner as might be 
prescribed by them, or might sell the same, or any part 
thereof, for the benefit of the company, provided that the 
entire capital stock so created should not exceed five mil- 
lions of dollars, and by the fourth section of said act 
authority was given to the Raleigh & Gaston Railroad 
Company, or any other railroad company connecting 
therewith, to subscribe to or purchase stock of any kind 
of said Raleigh & Augusta Air Line Railroad Company, 
and it was made lawful for any such company to pur- 
chase or endorse the mortgage bonds of the Raleigh & 
Augusta Air Line Railroad Compan}* ; 
And whereas, At an adjourned meeting of the stock- 



(69) 

holders of the Raleigh & Augusta Air Line Railroad 
Company, held on the 19th of July, 1872, it was 

Resolved, 1. That the President and directors of the 
company receive subscriptions from time to time to the 
capital stock of the company to an amount which, with 
that already subscribed, shall not exceed thirty-two thou- 
sand shares. 

Resolved, 2. That of the issue of said stock* twelve 
thousand shares be a guaranteed stock, entitled under 
an}' circumstances to receive eight per cent, per annum, 
and the President and directors are instructed to pay 
semi-annual dividends on said shares on the first days of 
July and January in each year, of not less than four per 
cent., any holder of said guaranteed shares being privi- 
leged to receive any excess of semi-annual dividends be- 
yond four per cent, which may be at any time paid on 
the common stock of the company without imparing the 
guaranty of eight per cent* per annum given by this res- 
olution. 

Resolved, 3. That for the purpose of securing, beyond 
any contingency, the payment of eight per cent, per an- 
num on the guaranteed shares so created, the stockhold- 
ers pledge themselves, in the event of its being at any 
time thereafter deemed requisite or advisable for the 
company to give a deed of trust or mortgage on any of 
its property or privileges, to embrace said shares in the 
first deed of trust or mortgage given by the company 
and to protect the guarantee given in the preceding reso- 
lution by making the principal of the whole guaranteed 
stock created by said resolution and eight per cent divi- 
dend on the same part, of the first lien on all the property, 
rights, privileges and franchises of the company, and a 
debt of the company immediately payable in the event 
of any default in the punctual payment of the dividend 
so guaranteed. 

And vihereas, After the capital stock of the company 
before authorized had thus been deemed insufficient for 
the purposes of the act of December 13th, 1871, and 



(70) 

after the company had thus in general meeting increased 
the same, the Board of Directors, with the consent of a 
majority of the votes of all the stockholders so given in 
general meeting, did make a portion of the capital stock 
or of additions to the same, a guaranteed or preferred 
stock upon which such interest or dividends are guaran- 
teed as are mentioned in said resolutions of the stock- 
holders, the directors deeming the same advisable, and 
the Raleigh & Gaston Railroad Company has subscribed 
-to,- ami thereby purchased such guaranteed or preferred 
stock to the amount of one million of dollars, and further 
portions of such guaranteed or preferred stock may be 
subscribed for or purchased by other companies, or per- 
sons if. such guaranteed interests or dividends be effectu- 
ally secured. , - -;.; ■. ' 

THEREFORE,in this general meeting of the stockholders 
oi\ the Raleigh & Augusta Air Line Railroad; Company 
it is now i: ; < 

.; Resolved, Tiiat the directors may, with the consent, 
wjhich is. hereby given, of a majority of the votes of all 
the stockholders, secure all such guaranteed interests or 
dividends as are hereinbefore mentioned by a deed of 
trust, mortgage or other lien upon the/whole of the said 
company's railroad rights, privileges, and franchises, and 
-#11 its works and property of every description. ■, ■> ■ :■■ 
7,i On motion of Maj. John: W. Scott the foregoing! pre 
^nble and resolutions were, adopted by a stock. vote of 
'15,454 .shares in the affirmative; and 153. shares in the 
negative. ■.■■;■ ■ •-•--- ■/-,] >V. : 

Resolution of the Board of Directors, April 7l,'l877. ' 

..■ ■■=-.hr;y.i =;, ,. -o Jr.*-; ab. [.-r»i; >:- </J.a if! 

The President informed the Board that hejuid caused 

to,be, prepared by counsel, and now submitted to the 

.Board for approval, the form of a .deed ,tq secure.,s ; ueh 

guaranteed interests or dividends as are ; .jnejjtic l neJ,jn 



(71) 

the resolution of the stockholders of this company,. 
adopted on the 6th day of this- month, whereupon. »\ 
■ -{Resolved,' That a deed of trust be now executed accord- 
ing to the form so submitted, and that Charles M. Rob- 
inson, of New York, Charles C. Savage, of Philadelphia, 
and' John W. 1 Graham,' of Hillsboro, N. C, be the trus'^ 
tees- therein. 1 . • ' - :.-■; 

Thereupon, in the presence of this Board and by' it§ 
authority, the said deed was sealed with this company's 
common seal, and signed by the President and two of the 
directors of the company and attested by a witness. 1 

The following is the 

•v '- - ./ DEED OF TRUST, -m;j u..,„; • 

Whereas, on the third day of October, 1872, the stock- 
holders of the Raleigh and Gaston Railroad Company, 
and on the twent} T -third day of April, 1873, the Presi- 
dent and Directors of said company resolved as set forth 
in resolutions of which copies are subjoined to a 'deed 
made on the day last mentioned, between the said com- 
pany of the first part, and Edmund Randolph Robinson, 
of New York, William Norris Wheelan of Philadelphia 
and William E. Anderson of Raleigh, N. C, of the second 
part, which deed is registered in the State of North Caro- 
lina, in the several counties of Wake, Granville, Frank- 
lin, Warren and Halifax, and whereas, on the sixth day 
of April, 1877, the stockholders, and on the seventh day 
of the same month the Directors of the Raleigh and Au- 
gusta Air Line Railroad Company resolved, as set forth 
iir -resolutions, copies' of which are hereto subjoined. 
Therefore this deed made on the day last mentioned between 
the Raleigh ar.d Augusta Air Line Railroad Company of' 
the first part, and Charles M. Robinson of New York, 
Charles C. Savage of Philadelphia and John W. Graham 
of Hillsborough, North Carolina, of the second part: Wit- 
nesseth that this deed is made to secure such guaranteed 



interest, or dividends upon the guaranteed or preferred 
stock, provided for by the act of North Carolina, ratified 
on the thirteenth day of December, 1877, as are men- 
tioned in said resolutions of the stockholders, adopted on 
the sixth day of April 1877, according to the pledge con- 
tained in resolutions adopted at an adjourned meeting of 
stockholders of the same Company, held on the 19th of 
July, 1872, and the Raleigh and Augusta Air Line Rail- 
Road Compan} 7 in consideration of the premises, and of 
ten dollars paid to said company by said parties of the 
second part, before the sealing and delivering hereof, 
hath granted, bargained and sold and by these presents 
doth grant, bargain, sell, convey, assign, transfer and 
set over unto the parties of the second part, the whole of 
the said company's said road rights, privileges and fran- 
chises and all its works and property of every description 
to have and to hold the same unto the parties of the 
second part, their heirs, successors, and assigns. In trust 
that until there shall be default in paying on the first 
day of July or January in any year a semi-annual divi- 
dend of not less than four per cent, on any shares or 
share of the guaranteed, or preferred stock before men- 
tioned, the said company va&y retain possession of its 
works and property and enjoy the same with the rents, 
tolls and other income thereof and the President and 
Directors may manage and operate said works and prop- 
erty, and apply the proceeds thereof, in accordance with 
the charter of the company and the deeds made to and 
by it, and at any time or times before such default, the 
said parties of the second part, or any two of them, the 
survivor of them, or his executors, or administrators 
may sell and convey any of the real and permit the sale 
and transfer of any of the personal property of said com- 
pany, receive the proceeds of such sale or'sales in bonds 
of the United States, or in coupon bonds of the Raleigh 
and Gaston Railroad Company, secured by the said deed 
of the twenty-third day of April, 1873, or in other prop- 
erty, holding what is so invested with the interest, and 



(73) 

other income thereof, upon the same trusts as are de- 
clared in respect to the property, out of the sale whereof 
the proceeds so invested shall arise. But in case there 
shall be default in. paying on the first day of July or 
January in any year a semi-annual dividend of not less 
than four per cent on any shares or share of the guaran- 
teed or preferred stock before mentioned, then, if the de- 
fault shall continue for two months, the said parties of 
the second part, or any two, or either of them, or the ex- 
ecutor or administrator of the survivor of them may pro- 
ceed personally, or by attorney or agent to take posses- 
sion of the company's works and property and manage 
the same, and apply so much of the rents, tolls and other 
income thereof, as may be necessary to defray taxes, 
charges for repairs, and the expenses of operating the 
railroad and conducting its business, and whether 
such possession be taken, or not, the parties of the second 
part, or any two, or either of them or the executor or ad- 
ministrator of the survivor of them, may, and if required 
by the holders of certificates for the greater part of those 
shares of said guaranteed or preferred stock, for which 
certificates may have been issued shall give notice of the 
time and place of sale of all the company's works and 
property b} T advertisement, published not less than three 
times a week for six weeks, in two dailv newspapers 
published in the city of New York and in one newspaper 
published in each of the cities of Philadelphia, Norfolk, 
and Raleigh, if, and so far as the same may be prac- 
ticable and at said time and place or such time and 
place as the sale may be adjourned to, shall make a sale 
under the deed of all the company's works and property 
for cash, or upon such credit as may be prescribed by the 
holders of certificates for the greater part of the shares of 
said guaranteed or preferred stock for which certificates 
may have.been issued and after receiving the purchase 
money, shall make pursuant to the sale a conveyance, 
by which sale and conveyance there shall pass to the pur- 
chaser at the sale, not only the works and property of the 
10 



(74) 

company, as they were at the time of making this deed 
(or the proceeds before mentioned of sales of said proper- 
ty) but any works which the company may, after this 
time and before the sale, have constructed and all other 
property of which it may be possessed at the time of the 
sale, other than debts due to it and all the money which 
may be received in the execution of this trust, whether 
fop income or proceeds of sale shall be applied, first to 
the payment of necessary expenses, including a commis- 
sion to be divided between the acting trustees of five per 
cent, on the first one thousand dollars? and three per 
centum on the residue of such income or proceeds and 
then pro rata to pay the holders of certificates of shares of 
said guaranted or preferred stock, not only such semi- 
annual dividends as may, at the time of the sale, be in 
arrear on said shares, but also the par value of said cer- 
tificates and the surplus shall be sudject to the payment 
of all money for which the company may, at the time of 
such sale? be liable, or otherwise than in respect to said 
certificates of shares of guaranteed or preferred stock and 
after payment of all debts due by the company, then 
whatever may remain, of said surplus, shall be distribu- 
ted among the holders of shares of stock of the company., 
other than said guaranteed or preferred stock according 
to the respective interest of such holders. 

If .before a sale and conveyance by virtue hereof any 
of the parties of the second part shall die, or become 
incapable of acting in the execution of the trusts, the 
survivors or survivor of said parties may, by an instru- 
ment of writing, signed and sealed, appoint successors, 
or successor, in the place and stead of them or him so 
dead or incapable, such instrument, after being duly ac- 
knowledged or proven, shall be registered in the counties 
wherever this deed is registered, and from the time of 
the complete registration thereof, such successor shall, 
without any further conveyance, be invested with all the 
right, estate, power and authority, which the party in 



(75) 

whose place and stead he is appointed, had when such 
party died or became incapable of acting. 

Sealed with the common seal of the Raleigh & Au- 
gusta Air Line Railroad Company, and signed by the 
President thereof and two other members of the corpora- 
tion, also signed and sealed by the parties of the second 
part. 

Johx M. Robinson, President. 

Joseph B. Batohelor, Director. 
(Signed.) Walter Clark, " 

Charles M. Robinson, Irustee. 

Charles Chauncy Savage, Trustee. 

John W. Graham, Trustee. 

Attested by the following witnesses : 

"J As to 

Thomas Badger, V Jno. M. Robinson, Jos. B. Batchelor, 

) Walter Clark, Jno. W. Graham. 
Charles Chauncy,— As to Charles C. Savage. 

State of New York, ) 

City and County of New York, j 

On this 13th day of April, A. D., 1877, before me, 
Charles N~ettleton, a Commissioner appointed by the 
State nf North Carolina, in and for the State of New 
York, residing in said city of New York, personally came 
Charles M. Robinson, the bargainor in the foregoing in- 
strument, and acknowledged the execution thereof. 

In witness whereof I have hereunto set my hand 
[l. s.] and affixed my official seal, this 13th day of 
April, A. D. 1877. 

(Signed.) Charles Nettleton, 

Commissioner for North Carolina in Neiv York , No. 117 Broad/way N. Y. City. 

State of Pennsylvania, \ 
City and County of Philadelphia. J 

On this, the 14th day of April, A. D. eighteen hun- 
dred and seventy-seven, before me, Charles Chauncy, a 
Commissioner appointed by the Governor of the State of 



•• 



(76) 

North Carolina, in and for the State of Pennsylvania, 
personally appeared Charles C. Savage, one of the bar- 
gainors in the foregoing deed of trust, personally known 
to me, and the said deed being also produced and exhib- 
ited before me, he acknowledged the execution thereof. 
r -, Witness my hand and official seal, the clav and 
L ' ,J year above written. 

* (Signed.) Charles Chauncy, 

A Commissioner of North Carolina. 

State or North Carolina, 1 D 7 , n , 
Wake County. > \ Probate Court. 

Be it remembered that on the seventeenth clay of 
April, A. D. 1875, the execution of the foregoing trust 
deed on the part of John M. Robinson, Joseph B. Batch- 
elor, Walter Clark and John "W". Graham, together with 
the corporate seal of the Raleigh and Augusta Air Line 
Railroad Company affixed hereto was proven by the 
oath and examination of Thomas Badger, the subscribing 
witness thorto, and the due acknowledgement to the 
foregoing trust deed by Charles M. Robinson, one of the 
grantors thereto before Charles Nettleton, a commissioner 
for North Carolina in New York, the certificate and 
seal of which is hereto annexed and adjudged to be in 
due form and according to law and the due execution 
of the same on the part of Charles C. Savage, being duly 
acknowledged before Charles Chauncy,.a Commissioner of 
North Carolina for Pennsylvania, his certificate of the 
same and seal attesting is exhibited before me, which is 
adjudged to be in due form and according to law. Let 
the said trust deed and these certificates be registered. 

In witness whereof, I have hereunto set my hand 
[l. s.] and official seal, this the day and date above 

written. 

(Signed) J. N. Bunting C. S. C. and 

Probate Judge- 



% 

i 



'77) 

Filed for registration April 19th 1877, at \ before nine 
o'clock a. in. and registered in the Register's office of 
Wake county in book No. 47, pages 338 to 345, inclusive 
the 19th day of April, 1877. 

(Signed) W. W. White, 
Register of Deeds. 

The deed was immediately thereafter also proven and 
recorded in Moore, Chatham and Richmond counties. 

THE END. 



Microfilmed 
SOLINET/ASERL PROJEC